Eric Brightwell, one of our former partners, has been an insolvency practitioner for over 30 years and can deal with all aspects of recovery and insolvency, acting for partners of LLPs or conventional partnerships. Drawing on his extensive knowledge and experience, he can provide a range of solutions for financially distressed businesses.
In all cases we recommend an early consultation in order to improve the outcome and keep the widest range of options available. Involvement at an early stage is necessary to enable any advisor to take a proactive approach, and partners need sound guidance as soon as insolvency becomes a possibility if they are to avoid the risk of increasing their personal liability.
Limited Liability Partnerships ( LLPs ) are treated in the same way as companies for the purposes of formal insolvency procedures. See the limited companies section for further details.
Conventional partnerships have special procedures designed to deal effectively with the realisation of the partnership’s business assets. Nevertheless, there are usually many complex matters to be discussed and agreed before the best solution can be identified. Eric Brightwell can assist in the preliminary stages with no commitment on either side, and can accept appointment in a formal capacity if considered appropriate.
In addition, it is likely that each partner will potentially be at risk of personal insolvency. See the personal insolvency section for further details on some of the issues involved and how we can help .