In Re Newtons Coaches Ltd ([2016] EWHC 3068 (Ch), 29 November 2016) useful guidance has been given by Mr Registrar Jones in the Companies Court as to whether partners of an insolvent partnership may reuse its name in a subsequent business. Being involved in management Following the insolvent winding-up of their partnership under the Insolvent…
There are many circumstances in which an LLP member can end up with personal liability for either individual liabilities of the LLP or a share of the LLP’s losses over a particular period. This article examines just a couple of related examples as to how LLP members can end up bearing very substantial LLP losses….
“… If someone is completing on Friday it does not help them if their solicitor ceases to practise on Thursday …” Some legal practices are only now, with one week to go, receiving premium quotes for their 1 October 2010 professional indemnity insurance renewal. It is nail-biting for them as they may have only one quote – it is…
… It is possible inadvertently to throw away these defences in the course of the process leading up to administration, a PVA and/or IVAs … This article describes the run-up to a professional partnership insolvency, and the choices faced by the partners who control the partnership. It then goes on to identify particular issues faced…
“… An intending purchaser who is aware of the firm’s difficulties should not purchase the firm from the partners, even if no winding-up or bankruptcy petitions have been presented …” (First published in the Law Society Gazette on 2 August 2007) Partners of an insolvent law firm cannot continue to practice indefinitely. Leaving aside that…
