Partnerships and an Individual Voluntary Arrangement

28 August 2012

In a partnership all partners are jointly and severally liable for the partnership's debts.  As such, the partners may need to enter IVAs as a way of limiting their individual exposure to the business debts.  This can be done in conjunction with a Partnership Voluntary Arrangement. 

See a flowchart below that shows how the process of an IVA for a partner works in principal: https://www.companyrescue.co.uk/documents/partnersivaflow.pdf.