What is a Partnership Voluntary Arrangement or PVA?
A Partnership Voluntary Arrangement, or PVA, is essentially a legal agreement between the Partnership and its creditors to repay its debts, usually through affordable monthly payments, over a five-year period.
The amount offered must be reasonable, and usually will result in a percentage of the debt being repaid and the balance is written off.
75% of creditors who vote for a PVA, must vote to approve it, for the arrangement to come into effect.
More information can be found at here.
Alternatively, if you would like a free face to face, or telephone meeting, with a Licensed Insolvency Practitioner, please ring 01326 340 579 or 01305 458 383, to arrange a mutually convenient time and date to discuss the options open to you and your business.
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