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A Partnership Voluntary Arrangement is a formal plan to settle partnership debts when a business can no longer pay what it owes. In practice, a solicitor helps the partnership prepare a credible proposal, negotiates terms with creditors, and arranges a meeting to seek their approval. They also draft the necessary documents, liaise with the Official Receiver or insolvency practitioner, and oversee the process to avoid liquidation where possible. The arrangement changes how liabilities are shared and protected for partners and creditors alike.
The arrangement fixes how much is paid and over what period, establishing clear, time‑bound steps to avoid urgent litigation or liquidation. A solicitor’s role includes coordinating creditors, validating the proposal, and ensuring compliance with insolvency procedures to protect the partnership’s remaining value and the partners’ positions.
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Tagged solicitor Kirsty Sharp
Our dealings were with making Wills and Lasting Powers of Attorney. It was explained very well and put into words we understand. She was very honest and polite and made us feel at ease.
Review left by M Shaw
