The following Restructuring & Insolvency practice note Produced in partnership with Phillip Patterson of Hardwicke Chambers provides comprehensive and up to date legal information covering:
In addition to the better-known company voluntary arrangements (CVAs) and individual voluntary arrangements (IVAs), the insolvency legislation permits insolvent general partnerships to enter into compromise arrangements with their creditors. These are known as partnership voluntary arrangements (PVAs). When contemplating such a compromise, however, partners must bear in mind that they are personally liable in full for the debts of the partnership. It is, therefore, advisable in most, if not all instances, for the partners to enter into IVAs to fully protect their interests.
The Corporate Insolvency and Governance Act 2020 (CIGA 2020) came into force on 26 June 2020 and abolishes the moratorium procedure for small companies under Schedule A1 to the Insolvency Act 1986 to make way for the new standalone moratorium procedure. For further details, see Practice Note: Corporate Insolvency and Governance Act 2020—impact on CVAs.
This content is affected by the coronavirus (COVID-19) pandemic and CIGA 2020. For further details on the impact of coronavirus on restructuring, see our Coronavirus (COVID-19) toolkit and for related news, guidance and other resources to assist practitioners working on restructuring and insolvency matters, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview. For further information on CIGA 2020, see Corporate Insolvency and Governance Act 2020—overview.
Part II of the Insolvent Partnership Order 1994 (SI 1994/2421) (IPO 1994) as amended by the
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