What We Do
Our experienced team of professionals can advise and act in any kind of partnership insolvency matter. We have expertise in helping LLPs and traditional partnerships in a range of difficult situations, including:
- Financial distress
- Creditor pressure (including the threat of winding up the business)
- Tax due to HMRC
- No succession
- Structuring an orderly wind down of the business
- Lack of indemnity insurance
- Death of a partner
- Personal bankruptcy (or debt problems) of a partner
We have specialist expertise with insolvency situations in the professional services and financial services sectors, particularly involving: accountants, architects, financial advisors, mortgage brokers, solicitors, Special Purpose Vehicles (SPVs) and stockbrokers.
How Irwin Mitchell Can Help You
Finding the right way forward can be difficult when it comes to the insolvency of a partnership. More than one alternative might be open to you, so it’s important to get independent advice about your options.
We will tailor a rescue or insolvency package that meets the best interests of all partners and stakeholders. Our team negotiate directly with banks, HMRC and other creditors, and work hard to create agreeable solutions for all sides.
Throughout the process, we’ll provide practical commercial advice to help you and your partners find the best route to recovery, or the least painful way of winding down the business. Where appropriate we can provide advice on different solutions, such as:
- Individual and Partnership Voluntary Arrangements
- Sale of the business and/or assets (including work in progress)
- Solvent winding up
- Insolvent liquidation
Recent Partnership Insolvency Deals
- Restructuring a firm of stockbrokers following the withdrawal of its credit line. We negotiated with the landlord, Bloomberg, the bank and various finance houses, resulting in the successful restructure of the business and the introduction of a new investor and credit line.