Insolvency for Partnerships & LLPs
Insolvency for partnerships and LLPs occurs when the business incurs a level of debt that it cannot repay. Members of an LLP facing insolvency may be investigated by liquidators for wrongful and fraudulent trading, and may find themselves disqualified from being a company director or member of an LLP in the future. Partners face bankruptcy.
Insolvency for partnerships and LLPs is a complex area fraught with potential peril. It’s therefore essential that business owners in these circumstances seek expert legal advice at the earliest opportunity.
Our specialist legal guidance can help you avoid or at least mitigate the adverse repercussions of insolvency. If possible, we’ll attempt to negotiate an agreement with your creditors so you can continue trading. Otherwise, we can also assist in implementing an orderly and legal cessation of trading.
While the existence of a partnership agreement or LLP members’ agreement will help to clarify the actions that need to be taken, regarding insolvency proceedings and winding up the business, our experienced insolvency team can provide assistance in a number of areas.
Areas of Expertise:
- Acquisition of assets
- Asset realisation and sales
- Court applications
- Creditor assistance
- Debt collection
- Director disqualification
- IVAs and CVAs
Achieve a Positive Outcome
Our specialist insolvency team are hugely experienced in partnership and LLP law. We have helped businesses from all sectors and all parts of the UK tackle insolvency issues, often by combining our insolvency law skills with other areas of expertise, such as property, corporate and commercial law.
Insolvency can become necessary for many reasons, but by seeking our expert assistance as soon as possible, we can help you every step of the way to get the best outcome for you and your business.
Senior Partner & Head of Dispute Resolution & Insolvency