Insolvent LLPs: reviewable transactions and liability of members

Resource type: Practice note

Status: Maintained

Jurisdictions: England, Wales

A guide to the ways in which the members and designated members of a limited liability partnership (LLP) may face personal liability in the LLP's insolvency. This note also sets out the ways in which transactions entered into by the LLP before its insolvency may face challenge, following the LLPs entry into an insolvency procedure.

This note supplements Practice notes, Insolvency procedures for limited liability partnerships and Limited liability partnerships: overview.

PLC Restructuring and Insolvency

Register for free access

To access this resource and thousands more, register for a free, no-obligation trial of Practical Law. Register using the button below, telephone +44 (0)20 7202 1220 or e-mail info@practicallaw.com.

A free trial will give you:

✔	Unlimited access to Practical Law online know-how
✔	Thousands of market standard documents and clauses
✔	Daily alerts and weekly update e-mails on key legal developments in your practice area
	Register

Log in

To access this resource, log in below or register for free access.

Contact us

Our customer services team are available every working day 8.30am to 7pm (GMT).

Actions

Resource information

Show resource details Hide resource details

Resource ID: 7-508-1021
Products: PLC UK Corporate, PLC UK Finance, PLC UK Law Department, PLC UK Restructuring and Insolvency
This resource is maintained, meaning that we monitor developments on a regular basis and update it as soon as possible.

Ask a question

Related content

Related content

Topics

Partnerships and LLPsPartnerships and LLPs (http://construction.practicallaw.com/5-103-2045)
Restructuring and InsolvencyRestructuring and Insolvency (http://construction.practicallaw.com/9-103-2072)
Reviewable TransactionsReviewable Transactions (http://construction.practicallaw.com/6-103-1267)

Practice note: overview

A toolkit for limited liability partnerships A toolkit for limited liability partnerships (http://uk.practicallaw.com/topic8-518-3745)
Company voluntary arrangements (CVAs) Company voluntary arrangements (CVAs) (http://uk.practicallaw.com/topic6-107-3974)
Limited liability partnerships (LLP): overview Limited liability partnerships (LLP): overview (http://uk.practicallaw.com/topic4-107-3913)
Limited liability partnerships: materials Limited liability partnerships: materials (http://uk.practicallaw.com/topic5-107-3903)

Practice notes

How are assets distributed to creditors in corporate insolvency procedures? How are assets distributed to creditors in corporate insolvency procedures? (http://uk.practicallaw.com/topic5-422-4145)
How to identify a company in financial difficulty How to identify a company in financial difficulty (http://uk.practicallaw.com/topic9-385-3638)
Insolvency and considerations for directors Insolvency and considerations for directors (http://uk.practicallaw.com/topic5-107-3984)
Insolvency procedures for limited liability partnerships Insolvency procedures for limited liability partnerships (http://uk.practicallaw.com/topic1-503-8295)
Limited liability partnerships: overview: pre-1 October 2009 Limited liability partnerships: overview: pre-1 October 2009 (http://uk.practicallaw.com/topic8-422-4945)
Reviewable transactions in corporate insolvency Reviewable transactions in corporate insolvency (http://uk.practicallaw.com/topic5-107-3979)
Reviewable transactions in insolvency: a quick guide Reviewable transactions in insolvency: a quick guide (http://uk.practicallaw.com/topic0-386-5358)
Who is "connected" or "associated"? Who is "connected" or "associated"? (http://uk.practicallaw.com/topic9-422-3889)

Glossary

Administration Administration (http://uk.practicallaw.com/topic9-107-6363)
Connected person Connected person (http://uk.practicallaw.com/topic9-107-5981)
Limited liability partnership (LLP) Limited liability partnership (LLP) (http://uk.practicallaw.com/topic2-107-6762)
Liquidation Liquidation (http://uk.practicallaw.com/topic5-107-6770)
Pari passu Pari passu (http://uk.practicallaw.com/topic1-384-6152)
Preference Preference (http://uk.practicallaw.com/topic9-107-7027)
Transactions at an undervalue Transactions at an undervalue (http://uk.practicallaw.com/topic7-107-7405)

{ "siteName" : "PLC", "objType" : "PLC_Doc_C", "objID" : "1247522750813", "objName" : "Insolvent LLPs reviewable transactions", "userID" : "2", "objUrl" : "http://uk.practicallaw.com/cs/Satellite/7-508-1021?q=&qp=&qo=&qe=", "pageType" : "", "contentAccessed" : "false", "analyticsPermCookie" : "2-2d608713:13eb7172c03:5475", "analyticsSessionCookie" : "2-2d608713:13eb7172c03:5476", "statisticSensorPath" : "http://analytics.practicallaw.com/sensor/statistic" }