There are two kinds of voluntary liquidation: Read More -->

Tags: llp, voluntary liquidation

A voluntary arrangement is when a limited liability partnership makes an agreement with its creditors by proposing a ‘composition in satisfaction of its debt’ or a ’scheme of arrangement of its affairs’. This means an arrangement, approved by the court, in which the limited liability partnership has formally agreed terms with its creditors for the settlement of its debts. Read More -->

Tags: llp, voluntary arrandement

Appointed by or on behalf of the holder of a floating charge, a receiver has the power to sell or otherwise realise the charged assets of the limited liability partnership in an attempt to repay the debt owed to the charge-holder. Read More -->

Tags: llp, receivers

An auditor is a person who makes an independent report to a limited liability partnership’s members as to whether its annual accounts have been properly prepared in accordance with the Act. The report must also say if a limited liability partnership’s accounts give a true and fair view of its state of affairs and profit and loss for the year. Most limited liability partnerships are required to have their accounts audited - see question below. Read More -->

Tags: appointment of auditors, llp, removal of auditors

An administration order is a court order made to appoint an administrator to manage the limited liability partnership’s affairs. Read More -->

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This information is a guide to winding up, your limited liability partnership or removing it from the register. The information summarises some of the rules that apply to voluntary arrangements, administration orders, receivers, and voluntary and compulsory liquidations. It also covers how and why limited liability partnerships are struck off and dissolved. Read More -->

Tags: insolvency, llp