Voluntary arrangement in respect of a Limited Liability Partnership
Produced in partnership with Simon Hunter of Three Stone and Emma Knight of Three Stone
Voluntary arrangement in respect of a Limited Liability Partnership

The following Restructuring & Insolvency practice note produced in partnership with Simon Hunter of Three Stone and Emma Knight of Three Stone provides comprehensive and up to date legal information covering:

  • Voluntary arrangement in respect of a Limited Liability Partnership
  • Coronavirus (COVID-19) and CIGA 2020
  • Applicable legislation
  • Jurisdiction
  • What is a voluntary arrangement under the Insolvency Act 1986?
  • Proposing a VA for an LLP
  • Proposing a VA
  • Moratorium
  • Voting at the creditors’ decision procedure
  • Challenges to VA
  • More...

This Practice Note explains how a Limited Liability Partnership (LLP) can be placed into voluntary arrangement (VA). This Practice Note does not apply to Limited Partnerships, for which, see Practice Note: Limited partnerships and insolvency—key principles.

Coronavirus (COVID-19) and CIGA 2020

This content is affected by the coronavirus (COVID-19) pandemic and Corporate Insolvency and Governance Act 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 a number of significant changes to insolvency law as it related to LLPs, including introducing two new procedures: the moratorium and the restructuring plan. For further details, see: Corporate Insolvency and Governance Act 2020—overview. 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. The LLPR 2001 apply the Insolvency Act 1986 (IA 1986) and the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 to LLPs.

The LLPR 2001 explain how the IA 1986 and IR 2016

Popular documents