The EC&CT Bill – changing the Limited Partnership Act
The Economic Crime and Corporate Transparency Bill has had its first reading and proposes changes to the LPA 1907 and other aspects of UK partnership law.
On 22 September 2022, the Economic Crime and Corporate Transparency Bill (the Bill) was introduced in the House of Commons.
The Bill sets out HM Government’s proposed changes on a wide range of issues – this note looks only at those put forward which would amend the Limited Partnership Act of 1907 (the LPA) and other partnership law.
The Bill has just started its legislative passage through the two Houses of Parliament, and we will be tracking it as it progresses. Its second reading is scheduled to take place on 13 October, following which it will proceed to the committee stage – during which each clause and any amendments to the Bill will be considered and debated.
A more detailed summary of the Bill’s impact on partnership law will follow shortly but note, as a preliminary matter, that it looks to make changes in a number of areas, including (but not limited to):
- the meaning of ‘limited partnership’
- information about limited partnerships that must be provided to the Registrar
- registered offices and email addresses
- restrictions on who may be a general partner
- changes in partnerships
- dissolution, winding up revival and deregistration of limited partnerships
- the register of limited partnerships
- delivery of the application to become a limited partnership, notices of changes to partnerships and confirmation statements
- how documents may be served on a limited partnership
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