Are partners of llp liable for debts. Under what circumstances
Answers
At Real Business Rescue, our business recovery experts offer in-depth debt management and insolvency advice to partners within limited liability partnerships to help turnaround the fortunes of a struggling LLP – getting it back on its feet or, if necessary, finding the best insolvency process to enter into.
There are infinite reasons why a thriving LLP might suddenly find itself in financial difficulty; such as losing a key client, your credit facility being closed at short notice, quicker-than-anticipated growth, negligence by a fellow partner or a dispute within the firm, fraud within the partnership, theft from the business etc. Or maybe you’ve just had bad luck or made decisions that you regret.
If, consequently, you and your partner(s) have escalating debts within the firm and s such as HMRC are turning up the heat, our expert licensed insolvency practitioners and business rescue staff can devise the right plan of action to suit your needs. LLP insolvency can seem like a slightly complex subject and we’ll do our best to shed more light on it, but do not hesitate to contact us should you require more personalised advice.