A partnership is a relationship which exists between two or more persons carrying on business together with a view to making profit. (For general information click here)
Unlike a company, a partnership has no separate legal personality and so cannot be the subject of any legal proceedings on its own merits. Partners, who can be either individuals or companies, will therefore be personally liable – usually without limit – for the debts of the partnership. Over the years we have helped many partnerships through the process of bankruptcy examples are husband and wife running a Public House which has failed just to name one, however we have dealt with shops, small businesses ,restaurants , plumbers, any number of businesses which have failed or about to fail financially.
The Process of Partnerships filing for bankruptcy is still with the County Courts which serve the area where the business has traded for the greater part of the last six months. Each partner must submit a Form 14 Joint Petition against Individual members, Form 17 Statement of affairs of each member of the partnership and Form 18 Statement of affairs of the partnership
1) Following a one to two hour call with each member of the partnership I will complete all the paperwork to the satisfaction of the local court which serves the business trading address
2) I will make the appointment at the court and attend with the partners on the day to complete the process
3) Following a review of the circumstances which led the partnership to fail I will give some insight into the questions that the Official receiver may ask at the interview, which will most likely be at the local office so you are fully prepared
4) I will give help all I am able for the period of bankruptcy, which for each partner is normally twelve months following the granting of the order
5) My fees will be £350 per partner paid on the day of the hearing. I do not ask for any fees upfront, please be wary of any company asking you to pay in advance
The fees paid to the court are a one of fee of £180 correct as of April 2016 along with the partnership Official receiver fee of £525 total £705.
An example of total costs for two people in partnership will be £180 plus £525 Plus £350 Plus £350 Total costs £1405