PARTNERSHIP LIQUIDATION

The liquidation of a partnership may be initiated by the partners themselves or by the creditors of the partnership business. To facilitate the liquidation, the property and assets owned by the business will be sold, and each partner will receive a share of the that money which will be dependent on the investment made by each partner into the business.

Our specialist debt management advisors will determine whether liquidation of the partnership is the right solution for your business. We will work closely with you and your accountant to establish the true financial circumstances and outlook for the business moving forward.

The process for liquidation is achieved through pre-arranged appointment with one of the experienced insolvency practitioners on our panel that we recommend to be best suited to your business. We will determine what debts the business owes and upon the sale of the assets what is available for distribution amongst the partners once the creditors have been paid.

The IP acting as Liquidator will manage the process until the company has been liquidated. We are also here to help you through the entire process.