Trial of liability issues in an ‘unfair prejudice’ petition under section 994 of the Companies Act 2006 brought by Mr Flanagan in relation to the affairs of a limited liability partnership
Henderson J said: ‘Although it makes good sense in many contexts to talk of the ‘share’ or ‘interest’ of a member in an LLP, and these terms are used in various places in the relevant primary and secondary legislation, they are nowhere defined. I respectfully agree with the observations on this topic of Warren J in Reinhard’s case [2015] EWHC 26 (Ch) at [55]-[57], where he said that the rights carried by such a ‘share’ can only be ascertained by reference to the agreements referred to in section 5(1) of [the Limited Liability Partnerships Act] 2000 and the default provisions in the [Limited Liability Partnerships] Regulations 2001.’
Henderson J
[2015] EWHC 2171 (Ch)
Bailii
Companies Act 2006 994, Limited Liability Partnerships Regulations 2001, Limited Liability Partnerships Act 2000
England and Wales
Company
Updated: 02 January 2022; Ref: scu.550600