Readers may be forgiven for thinking that Government reviews of limited partnership law are much like the proverbial bus, you wait ages (decades even) for one to come along and then two come at the same time. On 16th January, the same day that HM Treasury laid a legislative reform order before the UK Parliament to amend the Limited Partnerships Act 1907 to adopt the new private fund limited partnership category (please see our recent Law-Now, the Department of Business, Energy & Industrial Strategy (BEIS) announced a call for evidence with regard to a further review of limited partnership law.
The call for evidence arises from recent media reports alleging that limited partnerships, particularly those registered in Scotland, are being used as vehicles for a number of different forms of criminality. It therefore seeks information regarding respondents’ experience of the use of limited partnerships and their views on a number of possible changes to the transparency regime with regard to UK limited partnerships which might combat perceived abuses such as annual reporting of accounts and re-confirming the identity of partners. At the same time, BEIS has taken the opportunity to canvas views on possible wider changes to aspects of the limited partnership regime in the UK including the extent to which a limited partnership registered in the UK must maintain a presence there and the process for registering the dissolution of a limited partnership.
The call for evidence is available here. It closes on 17 March 2017.
CMS will be submitting its views to BEIS and would be happy to discuss the proposals with interested parties.