The following Restructuring & Insolvency guidance note Produced in partnership with Martha Maher retired barrister of St John’s Chambers provides comprehensive and up to date legal information covering:
The winding-up of a limited partnership proceeds in the same way as the winding up of an ordinary partnership which basically follows the winding-up of an unregistered company (see SI 1994/2421, art 8 and Sch 4 and Practice Note: Winding up a general partnership as an unregistered company).
The winding-up of any corporate partner and the bankruptcy of any individual partner proceeds in accordance with the usual insolvency provisions, subject to modifications provided for in the Insolvent Partnership Order 1994 (IA 1986, s 136(4) as modified by SI 1994/2421, Sch 4).
The Insolvency (Miscellaneous Amendments) Regulations 2017, SI 2017/1119 apply to modify the regimes applicable to limited partnerships to bring them into line with the insolvency procedures that apply to other entities under various reforms. Importantly for limited partnerships, under SI 2017/1119, the Insolvent Partnerships Order 1994, SI 1994/2421 (IPO 1994) is updated to replace references to ‘the Insolvency Rules 1986’ with ‘the IR 2016’ and also includes amendments to the Company Directors Disqualification Act 1986 (CDDA), which introduced a number of reforms to the director disqualification regime including: extending the matters of unfitness that must be considered when making a disqualification, increasing the limitation date for a disqualification application to three years and the ability to seek a compensation order against a disqualified director. For further details, see
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