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.
Head Office: Irwin & Company, Station House, Midland Drive, Sutton Coldfield West Midlands B72 1TU