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.