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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 April 2013 - onwards
Version 3 of 3

Regulation 48 Main provisions

Sections 994 to 996 [Section 994 was amended by regulation 42 of S.I. 2007/3494.] apply to LLPs, modified so that they read as follows -

"994. Petition by LLP member

(1) A member of an LLP may apply to the court by petition for an order under this Part on the ground -

(a) that the LLP's affairs are being or have been conducted in a manner that is unfairly prejudicial to the interests of members generally or of some part of its members (including at least himself), or

(b) that an actual or proposed act or omission of the LLP (including an act or omission on its behalf) is or would be so prejudicial.

(2) For the purposes of subsection (1)(a), a removal of the LLP's auditor from office -

(a) on grounds of divergence of opinions on accounting treatments or audit procedures, or

(b) on any other improper grounds,

shall be treated as being unfairly prejudicial to the interests of some part of the LLP's members.

(3) The members of an LLP may by unanimous agreement exclude the right contained in subsection (1) either indefinitely or for such period as is specified in the agreement. The agreement must be recorded in writing.

995. Petition by Secretary of State

(1) This section applies to an LLP in respect of which -