Proposals for voluntary arrangement of a partnership (For use from IP completion day)

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  • Proposals for voluntary arrangement of a partnership (For use from IP completion day)

Proposals for voluntary arrangement of a partnership (For use from IP completion day)

Court Reference Number. [number].

[IN THE HIGH COURT OF JUSTICE

BUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [location]]

INSOLVENCY AND COMPANIES LIST (ChD)

OR

IN THE HIGH COURT OF JUSTICE

CHANCERY DIVISION

[location] DISTRICT REGISTRY

OR

IN THE COUNTY COURT AT [location]

[BUSINESS AND PROPERTY WORK]]

In the Matter of [name of partnership/partnership members]

trading as [name of partnership]

And in the Matter of the Insolvency Act 1986

And in the Matter of the Insolvent Partnerships Order 1994

PROPOSAL FOR A PARTNERSHIP VOLUNTARY ARRANGEMENT

    1. 1

      Introduction

      A Partnership Voluntary Arrangement (PVA) is a procedure established by Part I of the Insolvency Act 1986 as applied and modified by the Insolvent Partnerships Order 1994 which enables a partnership to make a proposal to its creditors for a composition or a scheme of arrangement of its affairs under the terms of which it reaches agreement with its creditors as to how its debts should be paid in whole or in part. If it is to be effective the proposal requires the approval of a majority in excess of 75% in value of creditors of the Partnership voting in person or by proxy on the resolution approving the proposal (either as it stands or with any modifications) through a qualifying decision making procedure instigated for that purpose. Once approved, it binds every creditor who was entitled to vote in

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