What is is?

A PVA is an agreement between a partnership and its creditors to (normally) make a monthly affordable payment for a period of 3-5 years to settle the debt.  At the end of the agreed period any remaining debts and interest is written off and the partnership will be clear from debt.

In certain circumstances it is often considered appropriate for the partners to each enter into an Individual Voluntary Arrangement in order to ensure that their personal finances are dealt with – unless the partnership is a Limited Liability Partnership (LLP) the partners may be personally jointly and severally liable for the partnership debts.

Is it suitable for my business?

A PVA  may be suitable if your practice if you and your partners:

• Want to avoid bankruptcy
• Want to try to repay the partnership debts
• Have a viable business 
• Wish to minimise disruption to clients

How do I get one?

There are many firms offering debt solutions including PVAs but few specialise in providing such solutions.  If you want to deal with a reputable firm and meet the above criteria we can put you in contact with a provider experienced in dealing with Partnerships and regulated by the Institute of Chartered Accountants in England and Wales.  Complete the details opposite and we will get someone to contact you by either email or be telephone.  

There will be no charge for any advice provided at this stage – if a PVA or IVA is appropriate and approved then the fees are agreed by the creditors and met out of the affordable monthly payment.

Contact us