How has the law been enhanced?
Jersey has introduced changes to the Limited Partnership Law to modernise it and build greater flexibility, recognising developments in other jurisdictions. The amendments also create a clearer termination process and provide wider amendment powers, by way of secondary legislation, to facilitate quicker and more efficient legislative change in the future. The changes complement an amendment made in 2020 to enable foreign limited partnerships to migrate to Jersey quickly and seamlessly.
What has changed?
It is worthwhile noting that there are no transitional arrangements and, whilst in most cases, there will be no need to amend existing limited partnership agreements, these could be reviewed to benefit from this added flexibility and clarity.
The amendments serve to modernise, clarify and increase the flexibility of the Jersey Limited Partnership Law, with a view to ensuring that Jersey remains competitive and the best in class.