The following Corporate guidance note provides comprehensive and up to date legal information covering:
From 8 December 2017, The Insolvency (Miscellaneous Amendments) Regulations 2017, SI 2017/1119 apply to modify the regimes applicable to Limited Liability Partnerships (LLPs) (the Limited Liability Partnerships Regulations 2001, SI 2001/1090), Limited Partnerships and General Partnerships (the Insolvency Partnerships Order 1994, SI 1994/2421 (IPO 1994)) to bring them into line with the insolvency procedures that apply to other entities under reforms made by the Enterprise and Regulatory Reform Act 2013, the Small Business, Enterprise and Employment Act 2015 (SBEEA), the Deregulation Act 2015, the Insolvency (England and Wales) Rules 2016 (IR 2016) and the Recast Regulation on Insolvency, Regulation (EU) 848/2015 (Recast Regulation on Insolvency).
Importantly for LLPs, SI 2017/1119 removes the saving provisions for LLPs in: the Insolvency (England and Wales) Rules 2016 (Consequential Amendments and Savings) Rules 2017, The Deregulation Act 2015 and Small Business, Enterprise and Employment Act 2015 (Consequential Amendments) (Savings) Regulations 2017, SI 2017/540 and Insolvency Amendment (EU 2015/848) Regulations 2017. The changes include: replacing references to ‘the Insolvency Rules 1986’ with ‘the IR 2016’, references to meetings with decisions of the creditors/qualifying decision procedures, adding the ability of creditors to opt out of receiving notices, and transitional provisions where insolvency proceedings for an LLP commence before 8 December 2017.
For further details, see the Government’s Explanatory Memorandum.
Since 25 April 2017, it has been mandatory to
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