Position of partnership members on insolvency
Produced in partnership with Natasha Dzameh of St John's Chambers
Position of partnership members on insolvency

The following Restructuring & Insolvency practice note produced in partnership with Natasha Dzameh of St John's Chambers provides comprehensive and up to date legal information covering:

  • Position of partnership members on insolvency
  • Coronavirus (COVID-19) and The Corporate Insolvency and Governance Act 2020
  • Applicable legislation
  • General partnerships
  • The scenario of one partner being subject to a bankruptcy order in a solvent firm
  • The scenario of the partnership being insolvent, but the partners themselves are not bankrupt
  • Liability of partners as contributories
  • Liability of partners as officers of failed firm
  • The scenario of a firm in liquidation and partners or some of them in bankruptcy

Position of partnership members on insolvency

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

In response to the economic impact of the coronavirus pandemic, CIGA 2020 received Royal Assent on 25 June 2020. CIGA 2020 made a number of changes to insolvency law, including in relation to the presentation of winding-up petitions and to the wrongful trading regime. CIGA 2020, s 12 made temporary changes to the wrongful trading regime back-dated to 1 March 2020 and ending on 30 September 2020. For further information, see Practice Note: Corporate Insolvency and Governance Act 2020—temporary changes to the wrongful trading regime. The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2021 extended a number of temporary changes until 30 June 2021 with others extended until 30 September 2021. The temporary changes to the wrongful trading regime are due to expire on 30 June 2021. For the purposes of determining any compensation payable with regards wrongful trading, the court is to assume that the officer was not responsible

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