Administration of joint and separate estates
Produced in partnership with Natasha Dzameh of St John's Chambers
Administration of joint and separate estates

The following Restructuring & Insolvency practice note produced in partnership with Natasha Dzameh of St John's Chambers provides comprehensive and up to date legal information covering:

  • Administration of joint and separate estates
  • Applicable legislation
  • Priority of expenses and debts
  • Expenses
  • Debts
  • Brexit impact on credit institutions
  • Limited partnership documents

Administration of joint and separate estates

Applicable legislation

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). For further details, see the Government’s Explanatory Memorandum and Aligning provisions of general insolvency law—the Insolvency (Miscellaneous Amendments) Regulations 2017.

The Official Receiver (OR) becomes the responsible insolvency practitioner (IP) of the limited partnership and any insolvent member and continues in office until another responsible insolvency practitioner takes control of the affairs of the

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