A PVA is very similar in concept to the Company Voluntary Arrangement (CVA). However due to the personal liability of each partner usually each partner will almost certainly need to have an Individual Voluntary Arrangement (IVA) to protect their personal assets as each partner is liable for the total partnership debts in full.
As with other forms of Voluntary Arrangements, a Licensed Insolvency Practitioner must supervise the voluntary arrangements and a Nominee is required to prepare the proposal, make comments on the proposal to creditors and to the Court.
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 Partners who will be able to assist you.