CHAPTER 53

December 2011

PARTNERSHIPS

53.1  Scope of the Chapter

This chapter deals with ‘general’ partnerships formed in relation to the Partnerships Act 1890 and, to a lesser extent, limited partnerships formed under the Limited Partnerships Act 1907.

The chapter does not deal with limited liability partnerships (LLPs) formed under the Limited Liability Partnerships Act 2000 (which are much more akin to companies, particularly in respect of the insolvency provisions).  Information and guidance on LLPs can be found in Chapter 53A.

Annex C to the chapter contains a list of definitions which may assist in understanding partnerships generally, and the chapter specifically.

The chapter is divided into the following parts:

Part 1 – Partnerships – general and formation (paragraphs 53.2 to 53.36)

Part 2 – Limited partnerships (paragraphs 53.37 to 53.53)

Part 3 – The partnership agreement (paragraphs 53.54 to 53.62)

Part 4 – Partners (paragraphs 53.63 to 53.78)

Part 5 – The dissolution of a partnership (including dissolution following the bankruptcy of a partner) (paragraphs 53.79 to 53.94)

Part 6 – The insolvency of partnerships (paragraphs 53.95 to 53.120)

Part 7 – Practical issues relating to the administration of insolvent partnerships (paragraphs 53.121 to 53.139)

Part 8 – Realisation of assets in relation to partnerships (paragraphs 53.140 to 53.161)

The chapter contains the following annexes:

Annex A – Template application to deal with partnership assets

Annex B – Template order to deal with partnership assets

Annex C – Definitions

The following abbreviations are used in this chapter:

Partnership Act  – Partnership Act 1890.

IPO 1994 – Insolvent Partnerships Order 1994

LLP – Limited Liability Partnership

PVA – Partnership voluntary arrangement

[On to Part 1 – Partnerships – general and formation]