The Right Decision?

DecisionTime

Thank you for your various comments on BR arrangements, which I really appreciate. I apologise for the delay in responding, but the last few days have been very hectic.

I want to clarify the procedure with regard to going BR as a partnership, which is what we are doing, as various opinions have been expressed.

My OH and I have now checked with the official Insolvency Service on 4 separate occasions, to make sure we are getting a consistent answer. Here is what they say very clearly:

• As the business partnership conisists of only my OH and myself, we can use the Insolvent Partnership procedure. This will deal with the affairs of both the partnership and us as individuals as a single matter.
• Both partnership debts, joint debts and individual debts will be wapped into a single case, although we provide details on them separately.
• There is just a single fee, not three separate fees
• This could not be done if there were additional partners in the partnership who were themselves not going BR. In any other circumstance than ours there would be three separate BRs.
• There are specific forms to be submitted for this kind of case
• We will need individual SOAs for our post-BR situation (the partnership is no longer trading and we are now both employed elsewhere on a PAYE basis)

Hope this clarifies it, but if anyone still has queries I suggest you phone the Insolvency Service enquiry line (0845 602 9848)