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Changes to Jersey LLPs
Posted: 25 February 2013
Appleby report that the Limited Liability Partnerships (Amendment of Law) (Jersey) Regulations 2013 (the “Regulations”) has come into force in Jersey. The Regulations remove a problem in the Limited Liability Partnerships (Jersey) Law 1997, that flaw being the requirement that a Jersey limited liability partnership (an “LLP”) maintain a £5,000,000 bond to provide protection to creditors on its winding up.
To compound matters, this bond could not be assigned, charged or otherwise encumbered by the LLP. There are various theories at to why such a requirement was imposed in the first place but there is no argument over the fact that the requirement effectively killed off Jersey LLPs from the moment of their birth. In the 15 or so years of the Law’s life, no LLPs have been set up in Jersey.
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