Winding up a Limited Liability Partnership
An LLP can commence winding up when one of the following events occurs:
- an event specified in the members agreement;
- the written agreement of all members of the LLP that it should be wound up
- the making of an order by the Court.
Winding up by the Court
The following persons may apply to the Court for a winding up order:
- any member or creditor of the LLP;
- the Commerce and Employment Department;
- in the case of a supervised LLP, the Guernsey Financial Services Commission.
Once it has been agreed that an LLP is to be wound up then notification must be sent to the Registrar using the 'LLP - Notification of Winding Up' form (available below). Once this form has been received, the Registrar will publish a notice detailing the date the winding up commenced, the winding up event and the name of the person(s) conducting the winding up.
Following the winding up and the distribution of any property, notification should be sent to the Registrar advising of the completion of the process using the 'LLP- Notification of Completion of Winding Up' form (available below). Once this form is received, the register will be updated to reflect the dissolution of the LLP and will publish a notice (for a period of 3 months) stating that the LLP has been dissolved and removed from the register.
Full details regarding the LLP process and the necessary forms can be found below.