(1) Sections 901A to 901J [Sections 901A to 901J were inserted into the Companies Act 2006 (c. 46) by section 7 of, and paragraph 1 of Schedule 9 to, the 2020 Act.] apply to LLPs, modified so that they read as follows -

"901A. Application of this Part

(1) The provisions of this Part apply where conditions A and B are met in relation to an LLP.

(2) Condition A is that the LLP has encountered, or is likely to encounter, financial difficulties that are affecting, or will or may affect, its ability to carry on business as a going concern.

(3) Condition B is that -

(a) a compromise or arrangement is proposed between the LLP and -

(i) its creditors, or any class of them, or

(ii) its members, or any class of them, and

(b) the purpose of the compromise or arrangement is to eliminate, reduce or prevent, or mitigate the effect of, any of the financial difficulties mentioned in subsection (2).

901B. Power to exclude LLPs providing financial services, etc

(1) The Secretary of State may by regulations provide that this Part does not apply -