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 the answer to any of these questions is, “No,” there may be a problem …” Following the Supreme Court judgment in Seldon, how do professional practices quickly determine whether or not they should be taking advice on their current partner or LLP member retirement provisions, with a view to minimising the risk of…
“… In these difficult times, in which many professional practices are facing potential or actual insolvency, it is important for “partners” to know what liabilities they face …” Last week’s Court of Appeal judgment in the case of Tiffin v Lester Aldridge LLP [2012] EWCA Civ 35 has brought more certainty to the frequently arising…
“… Most UK professional practices operate a system of inherently discriminatory compulsory retirement of partners at a fixed age, regardless of ability or performance, on the assumption that this is legally justified …” The case of Seldon v Clarkson Wright & Jakes is due to be heard by the Supreme Court on 17 January 2012…
The recent case of Eaton v Caulfield & others (an unfair prejudice petition brought under section 994 of the Companies Act 2006, coupled with a just and equitable winding up petition under section 122(1)(g) of the Insolvency Act 1986) highlights the difficulties faced by LLP members who do not have an LLP members’ agreement setting out their…
Please note: this post is now out of date following subsequent tax legislation and case law. “… At the outset he has been lulled into a false sense of security, and may consider himself to be the victim of a scam …” Lawyers and accountants have been very creative in their use of LLPs. But…
…Recessions bring out the worst in people… A recession has a way of exposing weaknesses in legal drafting. As practices try to respond to the economic climate, management teams consult the fine print of their partnership deed or LLP members’ agreement, and may find it wanting. This article describes and explains the importance of a…
