Q&As

Where a general partnership enters into a voluntary arrangement, can the partners be pursued personally for the partnership debts?

read titleRead full title
Copyright © 2025 LexisNexis
Published by a LexisNexis Restructuring & Insolvency expert
Published on: 03 November 2020
imgtext

Part II of the Insolvent Partnership Order 1994 (IPO 1994), SI 1994/2421 as amended by the Insolvent Partnership (Amendment) (No 2) Order 2002, SI 2002/2708 applies the provisions of Part I of the Insolvency Act 1986 on company Voluntary arrangements to insolvent partnerships by means of a PV. For information on voluntary arrangements in the context of general partnerships, see Practice Note: Voluntary arrangement of general partnerships.

For

Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
General partnership definition
What does General partnership mean?

Often referred to as a partnership. A partnership under the Partnership Act 1890, namely the relationship that subsists between persons (which includes individuals or corporate entities) carrying on a business (which includes every trade, occupation and profession) in common with a view of profit. The Partnership Act does not provide a complete code of partnership law and expressly preserves the rules of equity and common law applicable to partnerships. As a partnership is not a separate legal entity from its partners it cannot acquire rights, incur obligations or hold property in its own right. It is therefore important to distinguish between partnership property and property that personally belongs to an individual partner.

Read more readmore

Popular documents

Strike out—making an application to strike out a statement of case

Strike out—making an application to strike out a statement of caseA strike out order can be made either following an application by the parties or on the court's own initiative. This Practice Note deals with the scenario of the order being made following a party's application.Making an application

Contributory negligence in personal injury claims

Contributory negligence in personal injury claimsContributory negligence is a partial defence which can lead to a discount in damages.Other defences may also be relevant. See Practice Notes: Did the claimant consent to the risk of injury? and Was the claimant involved in an illegal activity?If a

Can shares in a limited company that have not been paid-up at all be cancelled?

Can shares in a limited company that have not been paid-up at all be cancelled?A limited company having a share capital may not alter that share capital, except in the ways listed in section 617 of the Companies Act 2006 (CA 2006). Shares in a company cannot simply be cancelled without following an

Glossary—Latin legal terms

Glossary—Latin legal termsDespite attempts in recent years to simplify the language used in legal cases, there are still a number of Latin phrases commonly used in personal injury claims. The following Latin phrases are listed in alphabetical order:Latin