Partnership Voluntary Arrangements (PVA's) - Advice & case study
What is a Partnership Voluntary Arrangement or PVA?
A Partnership Voluntary Arrangement or PVA is very similar to a Company Voluntary Arrangement. Because of joint and several liability the individual partners quite often also propose individual voluntary arrangements at the same time that the Partnership Voluntary Arrangement is proposed.
Any partnership that has carried on business in England or Wales in the previous three years can propose a Partnership Voluntary Arrangement (PVA) which has the effect, if agreed, of freezing creditors and obtaining extended credit in accordance with the terms of the Partnership Voluntary Arrangement proposal.
If you want to know more about the information needed to be disclosed in a partnership voluntary arrangement proposal please follow this link.
And to read a case study on partnership voluntary arrangements please follow this link.