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How can LLPs survive the financial storm?

Copyright © 2025 LexisNexis

Published on: 10 October 2013

Published by a LexisNexis Practice Compliance expert

Table of contents

What are the immediate issues when a firm faces liquidation?
What are the key liabilities?
What unique issues arise in the liquidation of an LLP compared to other structures?
What is the proper course for a member when it becomes apparent that the firm is in financial difficulties?
How can a liquidation be properly managed?
What should a firm do to guard against/ease issues upon liquidation?
What lessons can be learnt from recent liquidations?
What are your predictions for the future?

Article summary

Practice Compliance analysis: Stephen Allinson, a solicitor and licensed insolvency practitioner, advises that 2014 could well be the year of insolvency for numerous law firms. He offers practical guidance to limited liability partnerships (LLPs) facing financial difficulties and potential liquidation.

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