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The Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009 No. 1804

LLPs’ records and registers

This sectionnoteType=Explanatory Memorandum has no associated

38.  Sections 875 to 877 apply to LLPs, modified so that they read as follows—

LLPs to keep copies of instruments creating charges

875.  (1)  An LLP must keep available for inspection a copy of every instrument creating a charge requiring registration under this Chapter, including any document delivered to the LLP under section 868(3)(b) (Northern Ireland: orders imposing charges affecting land).

(2) In the case of a series of uniform debentures, a copy of one of the debentures of the series is sufficient.

LLP’s register of charges

876.  (1)  Every LLP shall keep available for inspection a register of charges and enter in it—

(a)all charges specifically affecting property of the LLP, and

(b)all floating charges on the whole or part of the LLP’s property or undertaking.

(2) The entry shall in each case give a short description of the property charged, the amount of the charge and, except in the cases of securities to bearer, the names of the persons entitled to it.

(3) If a member of the LLP knowingly and wilfully authorises or permits the omission of an entry required to be made in pursuance of this section, he commits an offence.

(4) A person guilty of an offence under this section is liable—

(a)on conviction on indictment, to a fine;

(b)on summary conviction, to a fine not exceeding the statutory maximum.

Instruments creating charges and register of charges to be available for inspection

877.  (1)  This section applies to—

(a)documents required to be kept available for inspection under section 875 (copies of instruments creating charges), and

(b)an LLP’s register of charges kept in pursuance of section 876.

(2) The documents and register must be kept available for inspection—

(a)at the LLP’s registered office, or

(b)at a place specified in Part 2 of the Companies (Company Records) Regulations 2008 (S.I. 2008/3006).

(3) The LLP must give notice to the registrar—

(a)of the place at which the documents and register are kept available for inspection, and

(b)of any change in that place,

unless they have at all times been kept at the LLP’s registered office.

(4) The documents and register shall be open to the inspection—

(a)of any creditor or member of the LLP without charge, and

(b)of any other person on payment of the fee prescribed by regulation 2(c) of the Companies (Fees for Inspection of Company Records) Regulations 2008 (S.I. 2008/3007).

(5) If default is made for 14 days in complying with subsection (3) or an inspection required under subsection (4) is refused, an offence is committed by—

(a)the LLP, and

(b)every member of the LLP who is in default.

(6) A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.

(7) If an inspection required under subsection (4) is refused the court may by order compel an immediate inspection..

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