Partnership

Unlimited Liability Partnerships

• All Partners are jointly and severally liable for all Partnership debts
• The Partnership can apply for an Administration Order, as outlined (with some modifications) under the Corporate section.
• Partnership Voluntary Arrangement
  • With certain modifications, the Partnership can propose a Partnership Voluntary Arrangement along the lines of a Company Voluntary Arrangement, but this is separate from each individual Partner, who might need to consider their personal position

Compulsory Liquidation

• Usually initiated by Creditor(s) by a petition to Court and the Partnership is wound up as an unregistered Company.
• Can be initiated by a member of the partnership

Limited Liability Partnerships

• Created in 2001, whereby a separate legal entity exists, with the Partners (Members) having a limited liability for partnership debts.
• The Partnership is a corporate entity, and, therefore, subject to all the procedures outlined in the Corporate section.