Begbies Traynor handle first LLP liquidation
Vivian Bairstow and Paul Davis of Begbies Traynor have undertaken the first liquidation of a limited liability partnership.
Link: Begbies publishes first annual accounts
The pair will be liquidating solvent hedge fund advisor Continuous Time Finance, which was advising Cayman Island-based hedge fund The Continuous Time Finance Fund Limited.
‘There are not too many differences from a standard liquidation but there are a few caveats,’ Bairstow said
He explained that the main difference was that ‘the rules’ for the liquidation of an LLP were determined by its own constitution, as opposed to the requirements of the Companies Act that would be applied in the liquidation of a limited company.
Bairstow said this had made for a ‘cerebral challenge’.