Limited partnerships—insolvency

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

  • Limited partnerships—insolvency
  • Applicable legislation
  • Insolvency processes
  • Limited partners
  • Administration of joint and separate estates

Limited partnerships—insolvency

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 Limited Partnerships and General Partnerships, under SI 2017/1119, 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), which introduced a number of reforms to the director disqualification regime including: extending the matters of unfitness that must be considered when making a disqualification, increasing the limitation date for a disqualification application to three years and the ability to seek a compensation order against a disqualified director.

For further details, see the Government’s Explanatory Memorandum and Aligning provisions of general insolvency law—the Insolvency (Miscellaneous Amendments) Regulations 2017

Since 25 April 2017, it has been mandatory to use electronic filing (e-filing)

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