Partnership Voluntary Arrangement

In a Partnership Voluntary Arrangement (PVA), you can make a proposal to your creditors that allows your partnership to continue trading so that you can repay creditors from assets and future profits.

Under these circumstances, our specialists will examine the viability of your partnership to see if it has a profitable future that will benefit you, your fellow partners and your creditors.

If the business does appear to have a profitable future, we will work with you on the proposal to your creditors. Our aim will be to satisfy your creditors, relieve your immediate financial burdens - and allow you to get back to business.

Unlike an Individual Voluntary Agreement, a PVA does not provide protection from hostile creditors determined to pursue their claims against you in the period before the creditors meeting that must be called under the PVA.

If creditors insist on enforcing their claims against your business – and if you and your partners have personal assets and liabilities - it may be necessary for you and your partners to enter into Individual Voluntary Arrangements, which will run concurrently with the PVA and will provide the necessary protection.

A PVA operates along similar lines to a Company Voluntary Arrangement.