Compulsory liquidation of a Limited Liability Partnership
Produced in partnership with Andy Taylor of Isadore Goldman Limited and Emma Knight and Michael Smith of Three Stone
Compulsory liquidation of a Limited Liability Partnership

The following Restructuring & Insolvency practice 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:

  • Compulsory liquidation of a Limited Liability Partnership
  • Coronavirus (COVID-19) and the Corporate Insolvency and Governance Act 2020
  • Applicable legislation
  • Putting an LLP into compulsory liquidation
  • What happens when the winding up order is made?
  • Powers of the liquidator
  • Antecedent transactions
  • Obligations and liabilities of members
  • Joint and several liability of members for tax debts

This Practice Note explains how a Limited Liability Partnership (LLP) can be placed into compulsory liquidation, what powers the liquidator has, and what the obligations of members are. This Practice Note does not apply to Limited Partnerships, for which see Practice Note: Limited partnerships and insolvency—key principles.

Coronavirus (COVID-19) and the Corporate Insolvency and Governance Act 2020

This content is affected by the coronavirus (COVID-19) pandemic and the Corporate Insolvency and Governance Act 2020 (CIGA 2020), including temporary changes to winding-up petitions and the wrongful trading regime. For further details on the impact of coronavirus on restructuring and insolvency, see our Coronavirus (COVID-19) toolkit and for related news, guidance and other resources to assist practitioners working on restructuring and insolvency matters, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview.

The Government has legislated to temporarily prevent winding-up proceedings being made on the basis of unsatisfied statutory demands and to temporarily stop winding-up proceedings where coronavirus has had a financial effect on the company. These restrictions have been extended until 30 June 2021. For more information, see Practice Note: Corporate Insolvency and Governance Act 2020—temporary changes to corporate statutory demands and winding-up petitions and News Analysis: Corporate Insolvency and Governance Act 2020—further extension of temporary measures.

The temporary changes to the wrongful trading regime were originally in force from 1 March 2020 until 30 September 2020. They have since been revived with

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