Compulsory liquidation

A partnership other than a limited liability partnership may be wound up as an unregistered company. The limited liability partnership is subject to the same winding up procedures as a limited company. The winding up provisions as set out in the Insolvency Act as applicable are modified by the Insolvent Partnerships Order 1994. There are several differing winding up scenarios such as a petition presented against the partnership by a creditor with no concurrent petition(s) against member(s); with concurrent petition(s) against member(s); or by a member again with or without a petition against individual members. Additionally, where a partnership is being wound as an unregistered company provision is made within the Insolvent Partnership Order for specified provisions of the Company Directors Disqualification Act 1986 to apply. There is no provision to voluntarily wind up a partnership.

If you would like some more information on the compulsory liquidation services we provide, please contact partnership.insolvency@aabrs.com