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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.
