Limited Liability Partnerships (LLPs)

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Practice notes
DIP financing generallyDebtor-in-possession financing (DIP financing) is new, post-petition financing provided to a debtor in a bankruptcy case. The...
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Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 12th Jan
Practice notes
BrexitBREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note....
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9th Nov
Practice notes
IntroductionSet-off refers to claims that may be set-off against other claims. A set-off is the right of one party, Party A, who is owed money by...
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Produced in partnership with South Square and BDO LLP 12th Jan
Precedents
Court Reference No: [INSERT COURT REF. NUMBER][IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [INSERT...
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9th Nov
Practice notes
A demand for payment is a formal demand made in accordance with the contractual requirements underpinning the liability which the party issuing the...
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Produced in partnership with James Hannant of Guildhall Chambers 12th Jan
Practice notes
It is possible for a claim to be brought under section 423 of the Insolvency Act 1986 (IA 1986) against a company or individual following a...
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9th Nov
Practice notes
This Practice Note covers receivers who are appointed by the court, including the circumstances in which a court will appoint a receiver and who may...
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Produced in partnership with John Hughes of Shakespeare Martineau LLP 12th Jan
Practice notes
This Practice Note looks at equitable accounting, what it is, how and when it applies. It does not look at how the trustee in bankruptcy (trustee)...
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9th Nov
Practice notes
This Practice Note looks at:•the key features of loan to value (LTV) covenants•possible issues with calling an event of default based on a LTV...
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Produced in partnership with Alexander Pelopidas, James Walton and Matthew Brew of Rosling King LLP 12th Jan
Practice notes
Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov
Practice notes
One of the initial signs of distress is usually a covenant breach by the company. The lenders may agree to a simple waiver, which cures a temporary...
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9th Nov
Practice notes
DisclaimerUnder sections 178 and 315 of the Insolvency Act 1986 (IA 1986), a liquidator or a trustee in bankruptcy (trustee) has the power to disclaim...
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9th Nov
Practice notes
The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) provide for a revised scheme for decision making in insolvency from 6 April...
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Produced in partnership with Richard Bowles 12th Jan
Practice notes
Ipso facto clauses definedContracts often contain provisions to the effect that the contracts will terminate upon the bankruptcy or insolvency of one...
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Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 12th Jan
Practice notes
A popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or...
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9th Nov
Practice notes
Senior creditors will ensure that in addition to having higher security rights over junior creditors, juniors are also subordinated to them.Generally...
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9th Nov

Most recent Limited Liability Partnerships (LLPs) content

Practice notes
The moratorium under IA 1986, Part A1The Corporate Insolvency and Governance Act 2020 (CIGA 2020) received Royal Assent on 25 June 2020. It made a...
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6th May
Practice notes
The restructuring plan under CA 2006, Part 26AThe Corporate Insolvency and Governance Act 2020 (CIGA 2020) received royal Assent on 25 June 2020. It...
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5th May
Practice notes
Why restore an LLP to the register?When a limited liability partnership (LLP) has been struck off, it may be possible to make an application to the...
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8th Apr
Practice notes
Why restore an LLP to the register?When a limited liability partnership (LLP) has been struck off, it may be possible to make an application to the...
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8th Apr
Practice notes
Coronavirus (COVID-19): Following the COVID-19 outbreak, some Companies House filing and other administrative procedures have been temporarily...
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8th Apr
Q&As
Why is it relevant?The question may arise in the context of a security review or formulating an enforcement strategy for the realisation of assets of...
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8th Apr
Practice notes
DisqualificationDirectorsPrincipally, disqualification proceedings are brought against directors of companies. Proceedings are brought pursuant to the...
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Produced in partnership with Katherine Hallett of Three Stone Chambers 6th Apr
Practice notes
The Finance Act 2020 (FA 2020) introduced measures enabling HMRC, in certain insolvency-related circumstances, to make:•directors, shadow directors...
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Produced in partnership with David L. Irvine and Nathan Langford of Kirkland & Ellis International LLP 6th Apr
Practice notes
This Practice Note explains how a Limited Liability Partnership (LLP) can be placed into compulsory liquidation, what powers the liquidator has, and...
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Produced in partnership with Andy Taylor of Isadore Goldman Limited and Emma Knight and Michael Smith of Three Stone 31st Mar
Practice notes
This note explains how a Limited Liability Partnership (LLP) can be placed into creditors’ voluntary liquidation (CVL), what powers the liquidator...
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Produced in partnership with Andy Taylor of Isadore Goldman Limited and Emma Knight and Michael Smith of Three Stone 31st Mar
Practice notes
This note explains how a Limited Liability Partnership (LLP) can be placed into administration, and what powers the administrator has. This Practice...
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Produced in partnership with Andy Taylor of Isadore Goldman Limited, and Emma Knight and Michael Smith of Three Stone 31st Mar
Practice notes
This Practice Note explains how a Limited Liability Partnership (LLP) can be placed into voluntary arrangement (VA). This Practice Note does not apply...
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Produced in partnership with Simon Hunter of Three Stone and Emma Knight of Three Stone 17th Mar
Q&As
The Corporate Insolvency and Governance Bill (CIGB) expressly amends the law relating to limited liability partnerships in several ways. In particular...
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15th Feb
Q&As
A limited liability partnerships (LLPs) can be put into compulsory liquidation by a court. One of the reasons that an LLP can be wound up by a court...
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15th Feb
Q&As
Do the normal set-off rules apply to an LLP in administration?The Limited Liability Partnerships Act 2000 (LLPA 2000) introduced limited liability...
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15th Feb
Q&As
Liability of members of LLPs on insolvencyThis issue is set out in our Practice Note: Compulsory liquidation of a Limited Liability Partnership under...
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15th Feb
Q&As
The nature of capital contributionsLike shareholders in a company, the members of a limited liability partnership (LLP) enjoy limited liability up to...
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15th Feb
Precedents
Court Reference Number. [number].[IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [location]]INSOLVENCY AND...
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21st Jan

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