The following Restructuring & Insolvency guidance note Produced in partnership with Andy Taylor of Isadore Goldman Limited, and Emma Knight and Michael Smith of Three Stone provides comprehensive and up to date legal information covering:
This note explains how a Limited Liability Partnership (LLP) can be placed into administration, and what powers the administrator has. This Practice Note does not apply to Limited Partnerships (see Practice Note: Limited partnership insolvency).
This Practice Note is impacted by the decision of the UK on 23 June 2016 to leave the European Union. For details of the impact on the Recast Regulation on Insolvency, see Practice Note: Brexit—impact on Recast Regulation on Insolvency.
We will continue to monitor developments in this respect and throughout the negotiation period and beyond. In the meantime, for further reading on the impact of Brexit and related issues facing lawyers in this area, see Practice Note: Brexit—worst case scenarios for R&I lawyers.
For updates and details of other Brexit related developments and legislation, see Practice Note: Brexit SI tracker for R&I practitioners. For access to related documents and further reading on Brexit, see: Brexit toolkit.
The Limited Liability Partnerships Act 2000 (LLPA 2000) introduced LLPs and must be read in conjunction with the Limited Liability Partnership Regulations 2001 (LLPR 2001), SI 2001/1090. The LLPRs apply the Insolvency Act 1986 (IA 1986) and IR 2016, SI 2016/1024 to LLPs.
The Limited Liability Partnership (Amendment) Regulations 2005, SI 2005/1989 implemented the new administration regime in respect of LLPs. This means that IA
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