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Partnership winding up

A partnership can be wound up and liquidated as an unregistered company if:

- The partnership is dissolved, or ceases to trade
- If the partnership is unable to pay its debts
- If a court feels it is just & equitable to wind it up

A partnership winding up petition can be proposed by the following:

- A creditor’s petition. A creditor can petition to wind up the
  partnership, but not issue bankruptcy petitions against the
  individual partners. Or the creditor can issue a petition to
  wind up the partnership concurrently with a bankruptcy petition
  against one or more of the individual partners

A partner’s petition. The partners (or trustees) can petition
  to wind up the partnership, but not bankruptcy. Or the partners
  can issue a petition to wind up the partnership concurrently with
  bankruptcy for the individual partners

- The supervisor of a voluntary arrangement

Once the petition has been heard by the court and a winding up order made, the official receiver will be appointed, as liquidator, to deal with the affairs of the partnership.

Act now and get professional advice for free from 4Squared.

4Squared Southwest
1 Emperor Way,
Exeter Business Park,
Exeter,
Devon, EX1 3QS
Head Office Telephone: 01392 314092
Head Office Fax: 01392 314001

Email: info@4squaredsw.co.uk