| Commentary

320 PVA without moratorium

| Commentary

320 PVA without moratorium

The members of any partnership which is insolvent may propose a PVA to its creditors without a moratorium. A PVA may also be proposed by an administrator, liquidator or trustee of an insolvent partnership in the circumstances referred to above1.

The members of a partnership may propose a PVA by submitting a proposal to a nominee who, within 28 days, must submit a report to the court stating whether, in his opinion, the proposal has a reasonable prospect of being approved and implemented and whether, therefore, meetings of the members of the partnership and creditors should be

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