Commentary

353 Ground for winding up corporate and individual members of partnerships

BANKRUPTCY AND INSOLVENCY (INDIVIDUAL INSOLVENCY) vol 3(2)
| Commentary

353 Ground for winding up corporate and individual members of partnerships

| Commentary

353 Ground for winding up corporate and individual members of partnerships

The Insolvent Partnerships Order 1994 makes provision for:

  1. 353.1

        the winding up of a company which is a member of the partnership; and

  2. 353.2

        (the usual situation) the presentation of a bankruptcy petition against an individual member of the partnership.

The only ground on which a corporate member of a partnership may be made insolvent where there is a concurrent winding up of the partnership as a unregistered company is inability to pay due debts. Accordingly, the Insolvency Act 1986 Section 122, which outside concurrent partnership winding up provides seven

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