We will hold a virtual industry consultation meeting on amendments to the Limited Partnership (Jersey) Law 1994 (the “LP Law”) on 12 January at 9.30 am. All limited partnerships registered under the LP Law will receive a notice from the JFSC which sets out the changes proposed to be made to the LP Law together with a link to the consultation where a copy of the Draft Amendments can be found.
The Draft Amendments have the following key objectives:
(i) To modernise the law, resolve any ambiguity in the LP Law and build greater flexibility into it to bring it into line with Jersey’s competitor jurisdictions.
(ii) To clarify the process for terminating a limited partnership.
(iii) To provide new reporting obligations and powers to the Registry to ensure the Register is kept up-to-date and correct.
(iv) To provide wider amendment powers permitted to be made by way of secondary legislation to the primary LP Law to facilitate quicker and more efficient legislative change in the future.
The most significant impact of the changes is that they alter the process for terminating a limited partnership and allow for non-compliant limited partnerships to be struck off the Register by the Registrar. These impacts are offset by the new reinstatement process, provided an application is made within 10 years of the de-registration.
For more information, please contact the events team.