In a Limited Liability Partnership (LLP) or simple business partnership you have a number of legal options if you are struggling with debt:
Partnership debt is not the end of the world. At Frost Group, we have advised all sorts of people on debt and insolvency, including professional partnerships and we can help you, too.
Your first step is to call us on 0845 260 0101 as soon as possible. The earlier you call, the more options you will have, particularly if you are losing assets through trading losses.
Just like any other business a partnership can get into debt. It may fail to generate enough income to cover costs or simply have cash flow issues that lead into company debt. In many cases partnerships are made up of people who are married or in civil partnerships. When this kind of business gets into trouble the process is reasonably simple. because of the association of the partners their business and personal assets are likely to be identical. Therefore creditors can be paid from the liquidation of these assets during bankruptcy.
The situation can get a lot more complex when the partnership is made up of business partners who have different levels of personal assets. If the business gets into trouble the creditors can go after the partner with the most assets. In some cases one partner may have considerably more than another and it is important to understand that the former can be liable for the entire company debt if the later has no assets. Our expert team are often called in to these kinds of situations and have years of experience working with businesses to avoid them and working through them to the best outcome for the partners and creditors.
If there is the possibility of turning your partnership around and dealing with your partnership debt. We can also help you with advice to restructure your business, find access to finance and work with you to develop new strategies to get your business back on track for success.
Call our business advice team on 0845 260 0101. From our offices in Croydon, London and Bournemouth, we support partnerships and businesses across the country to grow.
We are one of the few Insolvency Practices to hold FCA - Financial Conduct Authority regulation which means we are authorised to assist you with dealing with your personal debts outside of a formal insolvency procedure. Not all Insolvency Practitioners are regulated to do this and we are proud to uphold the robust standards required of us by the FCA.
If partnership debts are taking over your life we can negotiate with your creditors to reduce monthly payments to amounts which you can afford. Our informal arrangements are not debt management plans and all initial advice is free and completely confidential.
We have built up an excellent rapport with credit providers and are often able to get your interest and charges frozen, and depending on your circumstances, some of your debt can be written off too. There are no upfront costs.
Most importantly we can help you manage your debts without the need to add to them with another loan. Once we get your finances back in order, you will be able to get your life back in order.
Our informal arrangement service is available nationwide from our offices in Croydon and London. We take pride in offering bespoke and professional advice and know the damage and stress that debt can cause.
Everyone can find themselves in financial difficulty.
If your finances are spiralling out of control and you have no financial confidence, perhaps you have credit cards, high interest loans and other financial commitments, you can always do something pro-active to resolve your debt problems.
We can help you to get your financial health back on track. This starts by talking through your current financial circumstances, explaining your options and pointing you in the right direction.
It may be that a debt consolidation loan will pay off your existing debts and leave you with a manageable monthly repayment, perhaps over a longer period of time and at a lower interest rate. We will help you to weigh up all the alternatives to reduce your debts and most importantly help you to analyse your budget first.
Our team includes bankers and financiers who have considerable experience in preparing bank and credit applications. They will give you an advantage when re-financing or re-negotiating existing banking terms and also look at how much debt you have outstanding and your credit risk. We will help you to consider if you are able to cope with a loan repayment especially if your property has to be used as security against a loan.
Our team member below will be able to help with all your questions
Business Restructuring Department – Specialising in BankruptciesContact
At Frost Group, we want to make things as easy as possible for you. That is why, if you can’t come to us, we’ll come to you. We operate face to face, nationwide meetings, wherever is most convenient for you.