Such an application
can be made against any insolvent partnership that has carried
on business in England or Wales in the previous three years.
A court can grant
such an order if it is satisfied that the partnership cannot
pay its debts and the making of the order would achieve one
of the following: -
the continuance of the partnership
as a going concern
the acceptance of a PVA
greater realisations of partnership
assets than would occur in a winding up.
A petition for
a Partnership Admin Order can be presented by:
partnership members
partnership creditors
PVA Supervisor
Once an admin Order
is made, an Administrator is appointed who will deal with
the management of the business and its affairs.
If you would like
more details in relation to this subject, please contact us.
