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General partnerships are governed by a state's Uniform Partnership Act, which sets procedures for liquidating a general partnership when the partners want to close the business.Liquidation is typically one of the first steps in the process of dissolving and winding up the affairs of the partnership.The Statement of Insolvency Practice 16 requires the insolvency practitioner to state how the decision to use pre pack administration was arrived at, and why it provided the best outcome for creditors over other insolvency routes.Additionally, if directors are purchasing the assets to set up a new company, full disclosure must be given surrounding certain aspects of this process, including the valuer’s details and qualifications, how the business was marketed, and why it wasn’t traded as a ‘going concern.’ These and other requirements go some way towards addressing the issues around a pre pack sale, so what are the advantages likely to be if your situation makes it a suitable option?
The cash is used to pay off all partnership debts and claims.
As long as the eligibility criteria are met and the underlying business is viable, a pre pack administration could be the route to a new, more sustainable business.
This procedure enables existing directors to purchase some or all of their company’s assets, using them to start again with a ‘newco.’ When a limited company enters insolvency, the directors are protected from personal liability for the debts of the business unless they have provided a personal guarantee, or have failed in their statutory duties as directors.
Licensed UK Insolvency Practitioners FREE Meeting for Company Directors We can help with serious company debts, HMRC and creditor pressure, VAT/PAYE/Tax arrears, cash flow problems and raising finance.
If you’ve reached the stage where liquidating your company seems to be the only remaining option – maybe creditor pressure is becoming too much, or the company’s debts are simply not manageable - it may be reassuring to know that you can start again as a director with a new company.