Jersey LLP Law Update
11 July 2018
The States have today approved an Act which will bring into force the Limited Liability Partnerships (Jersey) Law 2017 (the New LLP Law) on 1 August 2018.
Draft regulations dealing with the dissolution and winding up of limited liability partnerships (LLPs) and transitional arrangements for LLPs existing under the current framework, which were lodged au Greffe by the Chief Minister on 21 May 2018, have also been debated and approved today.
The New LLP Law will replace the existing law, which has been in place since 1997, in its entirety. It is intended to create a more flexible, attractive regime for LLPs, which will increase Jersey's competitiveness with LLP regimes in other jurisdictions.
If you have any queries regarding the application of the New LLP Law and how it may affect your LLPs, Mourant would be happy to assist.