Personal Insolvency and Partnership Restructuring

Where a business is not operated through a corporate structure (including a limited liability partnership)  it will normally be a sole trader or a partnership.  The liabilities of the business are the personal responsibility of the individual(s) and their personal assets are available to creditors of the business.

An insolvent partnership may seek protection from creditors by entry into a formal administration or a partnership voluntary arrangement (similar to the equivalent company procedure).  We can advise on which of these options may be best for the individuals and the business. 

A sole trader or an individual partner may apply for his own bankruptcy to protect himself from further creditor action.  We can assist with the preparation of the bankruptcy application.

Our Team


More Knowledge
Chancellor announces changes to the Job Support Scheme

The Chancellor has today announced that the Government contribution to employers’ wage costs under the Job Support Scheme (JSS) will be increased. Employers will be expected to pay 5% of the cost of unworked hours instead of the 33% originally announced.

Coronavirus Update - CJRS Bonus - Are you eligible?

Back in the summer the Chancellor announced that employers could receive a one-off payment of £1,000 for every employee who had previously been furloughed under the Coronavirus Job Retention Scheme  provided they remained continuously employed to the end of January 2021.  Businesses will be able to claim the Job Retention Bonus from 15 February 2021 and the Government has stated that further guidance will be provided by the end of January 2021.

Family Investment Companies

What is a family investment company (FIC)?

FICs are companies limited by shares (an “Ltd” or “Limited”) often setup by parents or grandparents (“Founders”) to benefit both themselves and their family as shareholders. Their popularity has increased in recent years, being seen as a corporate alternative to the more common discretionary trust.

Cobham

15A High Street
Cobham
Surrey
KT11 3DH

T: 01932 589599
F: 01932 867587

DX: 46102 COBHAM

Dorking

156 High Street
Dorking
Surrey
RH4 1BQ

T: 01306 880110
F: 01306 502283

DX: 57300 DORKING

Godalming

The Tanners
75 Meadrow
Godalming
Surrey
GU7 3HS

T: 01483 861848
F: 01483 861856

DX: 58308 GODALMING 1