Member of BTG Global Advisory

Partnership Liquidation

If you’re owed money by a business partnership, Partnership Liquidation is one of several options for the partnership if it’s suffering financial difficulties.

In many ways it is a virtually identical process to company liquidation. You can petition the Court to place the partnership into liquidation in the same way that you would a limited company.

However, there must be an outstanding debt of at least £750 owed to you, against which a Statutory Demand has been issued and not complied with. The demand can be served either at the partnership’s principal place of business, on any of the partners or on anyone else who has control of the partnership at the time of the service.

At the same time, you can petition for the Bankruptcy of the partners – or, if the partnership has Corporate Members, wind them up. Alternatively, you can simply do this in isolation. Before instigating proceedings, it’s vital to assess where the assets and liabilities lie - because when a partnership is wound up, its assets must be firstly used against its liabilities, with any shortfall transferring to the personal estates.

Here, it ranks alongside the claims of any other personal creditors. Partners can be disqualified from acting as Directors of a Company. We can carry out a rapid review of the business to identify whether liquidation is the most appropriate way of accessing the money you’re owed, though we will also consider alternative forms of rescue procedure if they are of greater benefit to you.

Contact our team

Processing...
Latest News
KCP investment boosts domiciliary care provider Routes Healthcare
KCP investment boosts domiciliary care provider Routes Healthcare
Growing domiciliary care business Routes Healthcare, which provides NHS-funded intensive home care, has received a substantial investment from private equity firm Key Capital Partners (KCP) which has …
The Problems with Using Unlicensed Insolvency Advisers
The Problems with Using Unlicensed Insolvency Advisers
If your business is struggling to stay afloat and meet creditor demands, you may find that unlicensed insolvency advisers will claim to have all the answers to your questions. However, only licensed i…
Begbies Traynor Welcomes R3 Guidance on Dealing with Personal Debt Problems
Begbies Traynor Welcomes R3 Guidance on Dealing with Personal Debt Problems
The insolvency trade body R3 has published a new guidance document on the subject of how best to deal with the prospect of personal insolvency as a UK individual. As experts in both personal and corpo…
Historic construction and restoration company William Anelay placed into administration
Historic construction and restoration company William Anelay placed into administration
On 8 September 2016, Julian Pitts and Bob Maxwell of Begbies Traynor were appointed as joint administrators of William Anelay Ltd; one of Britain’s longest-established construction and heritage restoration companies
Director promotion at Begbies Traynor Preston
Director promotion at Begbies Traynor Preston
Ian McCulloch has been promoted to the position of Insolvency Director at Begbies Traynor's Preston office after eight years with the firm
First Ruling of Section 342A of the Insolvency Act
First Ruling of Section 342A of the Insolvency Act
Mark Raeside QC presided over four separate days in the High Court last week as Section 342A of the Insolvency Act was finally ruled upon, directing what constitutes an excessive contribution to a pension scheme which can be set aside by a trustee in bank

Advice You Can Trust

Insolvency Practitioners Association Institute of Chartered Accountants in England and Wales R3: Association of Business Recovery Professionals ICAEW Business Advice Service Turnaround Management Association ACCA (the Association of Chartered Certified Accountants) ICAS | The Institute of Chartered Accountants of Scotland
Menu