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