Partnership insolvency

Practice notes

Key elements of a standstill agreement

Key elements of a standstill agreementWhen restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of...

19th May

Practice notes

US bankruptcy financing—debtor-in-possession (DIP) financing

US bankruptcy financing—debtor-in-possession (DIP) financingDIP financing generallyDebtor-in-possession financing (DIP financing) is new,...

Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 19th May

In-house

Q&As

A mortgagee in possession has sold a property at auction. The mortgagee's charge is dated 20 February 2008. There is an equitable charge created by an interim charging order in favour of a second lender, registered on the 25th October 2010. Will the sale by the mortgagee in possession overreach the subsequent equitable charge and if so, will the equitable charge simply fall away or should the purchaser take any further steps to remove it from the register?

A mortgagee in possession has sold a property at auction. The mortgagee's charge is dated 20 February 2008. There is an equitable charge created by an...

19th May

Practice notes

What is a pre-pack administration sale?

What is a pre-pack administration sale?Stop pressOn 8 October 2020, the Insolvency Service published the outcome of its review conducted into the...

19th May

Practice notes

Joint office-holder appointments

Joint office-holder appointmentsAll insolvency processes allow for the joint appointment of office-holders if required. Whether it is appropriate or...

19th May

Practice notes

Statements of Insolvency Practice (SIPs)—a quick guide

Statements of Insolvency Practice (SIPs)—a quick guideWhat are Statements of Insolvency Practice?Insolvency practitioners (IPs) are required to comply...

19th May

Practice notes

Cashflow and balance sheet tests for insolvency

Cashflow and balance sheet tests for insolvencyIntroductionThis Practice Note will give a basic overview of the applicable tests for cashflow and...

Produced in partnership with South Square Chambers 19th May

Practice notes

Court-appointed receivers—when a court will appoint a receiver and who may be appointed

Court-appointed receivers—when a court will appoint a receiver and who may be appointedThis Practice Note covers receivers who are appointed by the...

Produced in partnership with John Hughes of Shakespeare Martineau LLP 19th May

Practice notes

Effect on proceedings against a company being wound up and after a winding-up order is made

Effect on proceedings against a company being wound up and after a winding-up order is madeCoronavirus (COVID-19)This content contains guidance on...

Produced in partnership with Eleanor Holland and Karl Anderson of 4 Stone Buildings 19th May

Q&As

Can a claim be made against a company for trading whilst insolvent? If the company is conducting litigation, does this constitute ‘trading’? If so, can a director be held personally liable?

Can a claim be made against a company for trading whilst insolvent? If the company is conducting litigation, does this constitute ‘trading’? If so,...

19th May

Practice notes

Annulment of bankruptcy orders

Annulment of bankruptcy ordersThis Practice Note looks at the annulment of bankruptcy orders under section 282 of the Insolvency Act 1986 (IA 1986)...

19th May

Practice notes

Bankruptcy petitions—process and procedure

Bankruptcy petitions—process and procedureBefore the hearing of the creditors’ bankruptcy petition takes place, there are a number of steps that must...

19th May

Practice notes

Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986

Wrongful trading claims under sections 214 and 246ZB of the Insolvency Act 1986What is wrongful trading?Wrongful trading is a claim which arises under...

19th May

In-house

Practice notes

Prohibited names under section 216 of the Insolvency Act 1986

Prohibited names under section 216 of the Insolvency Act 1986The purpose of section 216 of the Insolvency Act 1986Section 216 of the Insolvency Act...

19th May

Practice notes

Insolvency set-off—the position under the Insolvency (England and Wales) Rules 2016

Insolvency set-off—the position under the Insolvency (England and Wales) Rules 2016IntroductionSet-off refers to claims that may be set-off against...

Produced in partnership with South Square Chambers and BDO 19th May

In-house

Practice notes

Covenant waivers and resets

Covenant waivers and resetsOne of the initial signs of distress is usually a covenant breach by the company. The lenders may agree to a simple waiver,...

19th May

Q&As

Can you provide guidance on converting an LLP to a limited company. Would a business transfer agreement to transfer the assets and liabilities of the LLP into a limited company be sufficient? Also are there any other considerations eg tax and insolvency?

Can you provide guidance on converting an LLP to a limited company. Would a business transfer agreement to transfer the assets and liabilities of the...

5th Jun

Q&As

What is the status of a member's capital in an LLP? Is it akin to share capital or does it constitute a debt? Can a member of an LLP prove for his capital as a debt in its liquidation?

What is the status of a member's capital in an LLP? Is it akin to share capital or does it constitute a debt? Can a member of an LLP prove for his...

5th Jun

Practice notes

Limited partnerships and insolvency—key principles

Limited partnerships and insolvency—key principlesCoronavirus (COVID-19) and the Corporate Insolvency and Governance Act 2020This content is affected...

Produced in partnership with Natasha Dzameh of St John's Chambers 5th Jun

Practice notes

Joint and several liability of company directors and certain other individuals for tax debts of companies and limited liability partnerships

Joint and several liability of company directors and certain other individuals for tax debts of companies and limited liability partnershipsThe...

Produced in partnership with David L. Irvine of Goodwin and Nathan Langford of Kirkland & Ellis International LLP 5th Jun

Practice notes

Insolvency of general partnerships—administration

Insolvency of general partnerships—administrationBackgroundThe regime for administration of general partnerships is very similar to the administration...

Produced in partnership with Natasha Dzameh of St John's Chambers 5th Jun

Practice notes

Voluntary arrangement in respect of a Limited Liability Partnership

Voluntary arrangement in respect of a Limited Liability PartnershipThis Practice Note explains how a Limited Liability Partnership (LLP) can be placed...

Produced in partnership with Simon Hunter of Three Stone and Emma Knight of Three Stone 5th Jun

Practice notes

Insolvency of general partnerships—priority of expenses and debts

Insolvency of general partnerships—priority of expenses and debtsCoronavirus (COVID-19) and the Corporate Insolvency and Governance Act 2020This...

Produced in partnership with Natasha Dzameh of St John's Chambers 5th Jun

Practice notes

Moratorium in relation to a Limited Liability Partnership

Moratorium in relation to a Limited Liability PartnershipThe moratorium under IA 1986, Part A1The Corporate Insolvency and Governance Act 2020 (CIGA...

5th Jun

Practice notes

Administration of joint and separate estates

Administration of joint and separate estatesApplicable legislationThe winding-up of a limited partnership proceeds in the same way as the winding up...

Produced in partnership with Natasha Dzameh of St John's Chambers 5th Jun

Practice notes

Creditors’ voluntary liquidation of a Limited Liability Partnership

Creditors’ voluntary liquidation of a Limited Liability PartnershipThis note explains how a Limited Liability Partnership (LLP) can be placed into...

Produced in partnership with Andy Taylor of Isadore Goldman Limited and Emma Knight and Michael Smith of Three Stone 5th Jun

Precedents

Proposals for voluntary arrangement of a partnership (For use from IP completion day)

Proposals for voluntary arrangement of a partnership (For use from IP completion day)Court Reference Number. [number].[IN THE HIGH COURT OF...

5th Jun

Practice notes

Winding-up a general partnership as an unregistered company

Winding-up a general partnership as an unregistered companyThis Practice Note looks at the winding-up of an insolvent partnership as an unregistered...

Produced in partnership with Natasha Dzameh of St John's Chambers 5th Jun

Practice notes

Administration of a Limited Liability Partnership

Administration of a Limited Liability PartnershipThis note explains how a Limited Liability Partnership (LLP) can be placed into administration, and...

Produced in partnership with Andy Taylor of Isadore Goldman Limited, and Emma Knight and Michael Smith of Three Stone 5th Jun

Practice notes

Voluntary arrangement of general partnerships

Voluntary arrangement of general partnershipsIn addition to the better-known company voluntary arrangements (CVAs) and individual voluntary...

Produced in partnership with Phillip Patterson of Hardwicke Chambers 5th Jun

Practice notes

Limited partnership insolvency

Limited partnership insolvencyCoronavirus (COVID-19) and the Corporate Insolvency and Governance Act 2020This content is affected by the coronavirus...

Produced in partnership with Natasha Dzameh of St John's Chambers 5th Jun

Practice notes

Ending a general partnership—dissolution by the court

Ending a general partnership—dissolution by the courtA partnership can be brought to end by its:•dissolution (see Practice Note: Ending a...

5th Jun

Practice notes

Ending a general partnership—dissolution otherwise than by the court

Ending a general partnership—dissolution otherwise than by the courtThis Practice Note discusses partnerships (as defined) formed under the...

5th Jun

Practice notes

Striking off and dissolution of a limited liability partnership

Striking off and dissolution of a limited liability partnershipCoronavirus (COVID-19): Following the COVID-19 outbreak, some Companies House filing...

5th Jun

Practice notes

Ending a general partnership—what is dissolution?

Ending a general partnership—what is dissolution?A partnership formed under the Partnership Act 1890 (PA 1890) can be brought to end by...

5th Jun

Practice notes

Restoration of a limited liability partnership to the register by court order

Restoration of a limited liability partnership to the register by court orderWhy restore an LLP to the register?When a limited liability partnership...

5th Jun