If you are struggling to pay your debts agreeing an affordable payment plan with those you owe money to is a sensible way forward. There are two ways you can do this through an informal or formal arrangement.
An informal agreement involves either yourself or a third party such as Walsh Taylor agreeing a plan with your creditors,
Individual Voluntary Agreement (IVA)
An IVA is a formal agreement and is effectively a contract between you and the your creditors.
To be approved an IVA requires the agreement of 75% (in value) of creditors which vote upon it. It also allows for the orderly realisation of assets by the debtor.
Partnership Voluntary Agreement (PVA)
This is a contract between the insolvent partnership and their creditors.
A PVA will only deal with the liabilities and assets of the partnership, so if individual partners have personal assets and liabilities they may also need to enter into an IVA.
Anyone can be declared bankrupt, including individual members of a partnership,