Creditors’ voluntary 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
Creditors’ voluntary 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:

  • Creditors’ voluntary liquidation of a Limited Liability Partnership
  • Coronavirus (COVID-19) and the Corporate Insolvency and Governance Act 2020
  • Applicable legislation
  • Contrast with conventional partnerships
  • Putting an LLP into CVL
  • LLP determines that it is to be wound up voluntarily
  • Moving from administration to CVL
  • Powers of the liquidator
  • Antecedent transactions
  • Obligations and liabilities of members
  • More...

Creditors’ voluntary liquidation of a Limited Liability Partnership

This note explains how a Limited Liability Partnership (LLP) can be placed into creditors’ voluntary liquidation (CVL), 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). For further details on the impact of coronavirus on restructuring, 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.

CIGA 2020 makes temporary changes to insolvency law, including in relation to winding-up petitions and the wrongful trading regime. For further details on the Act, see Corporate Insolvency and Governance Act 2020—overview.

CIGA 2020 also introduces two new procedures: the moratorium and the restructuring plan. For further details on the moratorium procedure see Practice Note: Corporate Insolvency and Governance Act 2020—moratorium and for further details on the restructuring plan, see Practice Note: Corporate Insolvency and Governance Act 2020—restructuring plan provisions.

Applicable legislation

The Limited Liability Partnerships Act 2000 (LLPA 2000) introduced LLPs and must be read in conjunction with the Limited Liability Partnerships Regulations 2001 (LLPR 2001), SI 2001/1090.

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