Where the business is not a limited company and there are several people running it, then it is classed as a partnership. If such a business experiences financial difficulties there are several ways in which it can be dealt with:
- One or all of the partners can become individually bankrupt.
- The partnership can be wound up by the court.
- Each partner could enter into an individual voluntary arrangement.
- A similar procedure to a company voluntary arrangement can be applied.
During a meeting of all the partners, we would discuss the most suitable way forward, to ensure that the best outcome is obtained for all concerned.