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A partnership trading for over 10 years had significant capital debt liabilities, circa. £300,000.
A Winding- up Petition had been presented against the Partnership and Bankruptcy Petitions against the individual partners.
The Winding-up Petition against the Partnership had been advertised and therefore the bankruptcy bank account had been frozen.
A new company was formed and a sale and purchase agreement entered into between the partnership and the company for deferred consideration over 5 years. The sale was subject to the IVA's being approved.
Interlocked IVA's proposed by the partners with the deferred consideration forming the basis of the contributions into the IVA's.
IVA's were approved and the Petitions against the partnership and the individuals were dismissed.