Partnership Voluntary Arrangement

Where the partners of a business believe that the partnership is viable but is under financial strain, a PVA can act as a rescue mechanism in controlling the finances of the business whilst you focus on restructuring the business and trading forward.

However, if you or your partners are considering a PVA, you will need to be able to prove that the partnership business is viable and that each of the partners’ estates is solvent prior to the being able to propose a PVA.

By having a PVA in place, it will allow for an arrangement between the partners and your creditors to be put in place to allow the debts of the partnership to be paid over a period of time.

Under the arrangement the partnership will make regular payments periodically from which the creditors will be paid a certain amount each month.

This means that you have your financial worries all under control and can return to running the partnership.

A PVA is only a viable option for your partnership business is viable and if you have disposable assets which may need to be sold.

If however the partners believe that the business is not viable there are other options which would be more suitable such as winding up the partnership.

For more information call us now on 0121 232 4622 for a free no obligation consultation. We’re on your side!


An Individual Voluntary Arrangement (IVA) is where there has been a formal agreement comprised between you and your creditors (the people money is owed to). The IVA proposal will set out how the debtor will repay the creditors, over a maximum five-year period.

One of the main reasons as to why IVA’s are so popular with both the creditors and debtors is because the fees are much less than the fees incurred for court costs and Official Receiver fees required in bankruptcy action.

The provisions which relate to the effective and legally binding system of individual voluntary arrangements are set out in the Insolvency Act 1986. The procedure allows you to obtain protection of an interim order if you wish to formulate a proposal to put forward to creditors under an IVA.

We will work closely with you to ensure that the IVA is the best route and solution for you and your business if all your debts have accumulated from the business. Whilst ensuring we have a true figure of your expenses that we will be aiming to provide you with a comfortable means of living as well as enabling you to clear the unsecured debts.

The interim order will buy you time so that our recommended Insolvency Practitioner can help you formulate a realistic proposal and put it to all your creditors for their approval. Where feasible we will also write off as much of the unsecured debt as reasonably possible.

Once a proposed IVA has been formulated and approved by you, the IP will be responsible for sending it to your creditors who will vote at the Meeting of Creditors. If there is a majority vote of 75% or more, all creditors will be bound by the terms under the IVA.

The IVA can be formulated for up to a period of 5 years which will be managed by the IP where all you need to do is make a regular monthly payment which will be distributed amongst your creditors. During the IVA, all interest and penalties will also be frozen to ensure your debt only gets smaller and not any bigger!

For more information call us now on 0121 232 4622 for a free no obligation consultation. We’re on your side!


The term ‘bankruptcy’ applies to individuals and not to companies and individuals are often declared bankrupt when their unincorporated business has failed.

It is the judicial process used where debtors are unable to pay debts as and when they arise, or even in the foreseeable future. On the other hand, it may be where there will soon be a liability falling due which the debtor will be unable to meet. If you find yourself to be in any of these situations, bankruptcy may be a viable option for you to consider.

You can either make an application for your own bankruptcy or one of your creditors have the power to initiate bankruptcy proceedings against you if they are unable to recover their money. However, for a creditor to make you bankrupt you must owe a minimum of £5000.00.

As debt management specialists, we will be able to advise you on whether the bankruptcy route is the best solution for you or how it can be avoided. We have a panel of Insolvency Practitioners (IP) with a wide range of experiences in different field sand we will appoint the most suitable one for your needs.

If the court does make a bankruptcy order, the appointed trustee in bankruptcy (the IP) will be required to distribute any income from your assets or property to all your creditors.

Once all your debts have been cleared, the bankruptcy may be discharged.

An Individual Voluntary Arrangement is an alternative to bankruptcy and should be considered before deciding to use the bankruptcy route.

For more information call us now on 0121 232 4622 for a free no obligation consultation. We’re on your side!