You refer to a partnerhip. The rules relating to partnership debts are than each partner is jointly and severally liable for the full amounts, unless you have a limited liability partnership.
If one partner entered into an IVA, the other partners would remain responsible for the debts, but a dividend would also be paid under the IVA proceedings, which could be subrogated in favour of the other partners.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
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