The following Restructuring & Insolvency practice note Produced in partnership with Martha Maher retired barrister of St John’s Chambers provides comprehensive and up to date legal information covering:
This Practice Note looks at the winding-up of an insolvent partnership as an unregistered company under the Insolvency Partnerships Order 1994 (IPO 1994), SI 1994/2421, Arts 7 and 9 on the petition of a creditor, member, responsible insolvency practitioner (IP) or the Secretary of State where no concurrent petition is presented against a member or members. The IPO 1994, Sch 3, and Sch 5 (in relation to member’s petition) modify some of the provisions of the Insolvency Act 1986 (IA 1986), Part V which deals with the winding-up of an unregistered company.
Note: there is no provision for voluntary winding-up of a partnership (IA 1986, s 221(4) as modified by IPO 1994, SI 1994/2421, Sch 3, Part I, para 3).
General partnerships, unlike limited liability partnerships (LLPs) have no separate legal personality, therefore the partners remain jointly and severally liable for the partnership debts. If there is no written partnership agreement, the standard agreement provisions of the Partnership Act 1890 apply. Limited partnerships under the Limited Partnership Act 1907 also have no separate legal personality but may be registered at Companies House. With limited partnerships, the general partner(s) manage the business with unlimited liability while the limited partner(s) have limited liability. Both general partnerships and limited partnerships may be subject to winding-up/bankruptcy (in the case of individual partners), administration and voluntary arrangements.
The winding-up of an
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