In the current economic climate, LLPs and their members are being forced to grapple with insolvency legislation. Applying the provisions of the corporate insolvency regime established by the Insolvency Act 1986 to LLPs is not straightforward. One of the issues is whether an individual member can apply to wind up an LLP.
United Kingdom, Company & Commercial, Insolvency & Restructuring, Herbert Smith Freehills LLP, Limited liability partnership, Economy, Liquidation, Insolvency Act 1986 (UK)
In a recent case1, the High Court concluded that it was right to sanction schemes of arrangement which formed part of a wider debt restructuring that excluded out-of-the-money junior creditors. In doing so, it valued the distressed companies on a going concern basis.
Background
United Kingdom, Insolvency & Restructuring, Litigation, Mayer Brown, Interest, Debt, Economy, Leveraged buyout, Valuation (finance), Debt restructuring, Discounted cash flow, Credit crunch