Ending a limited partnership—solvent winding-up
Ending a limited partnership—solvent winding-up

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • Ending a limited partnership—solvent winding-up
  • Consequences of a general dissolution
  • Notice of a general dissolution
  • Continuing authority on a general dissolution
  • Rights of a deceased or retired partner in certain circumstances following a general dissolution
  • Amount due to a deceased or retired partner to be a debt
  • Distribution of assets and losses following a general dissolution
  • Return of premiums following a general dissolution
  • Dealing with goodwill following a general dissolution
  • The position of employees following a dissolution

This Practice Note discusses limited partnerships formed under the Limited Partnerships Act 1907 (LPA 1907) and governed by English law, as distinct from general partnerships formed under the Partnership Act 1890 (PA 1890), limited liability partnerships and partnerships governed by Scottish law.

With effect from 6 April 2017, LPA 1907 was amended by the Legislative Reform (Private Fund Limited Partnerships) Order 2017, SI 2017/514 (LRO). A draft of the LRO was first published in January 2017 by HM Treasury together with an accompanying explanatory document. The LRO was published further to a government consultation which commenced in July 2015 and concluded in October 2015 on proposed changes to UK limited partnership legislation to make such partnership