To address the problem of joint & several liability an individual partner can propose an Individual Voluntary Arrangement, either alone or by having a similar but “interlocking” individual voluntary arrangement with his other partners, Interlocking voluntary arrangements are separate Individual Voluntary Arrangements but each of which have similar provisions as to how to deal with the partnership debt.

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Specific advice should be obtained before taking action, or refraining from taking action, on any of the issues covered above.

For further information, please contact one of our Client Services Team who will be able to assist you.