Limited Liability Partnerships Act 2005 · 2020 Revised Edition · Part 6 · Receivership and Winding Up
41. Debt owed to partner
Feedback & supportAny sum due to a partner of a limited liability partnership (in the partner’s capacity as a partner) is not a debt of the limited liability partnership payable to that partner in a case of competition between that partner and any other creditor who is not a partner, but any such sum may be taken into account for the purpose of the final adjustment of the rights of the partners among themselves.
partner
“partner”, in relation to a limited liability partnership, means any person who has been admitted as a partner in the limited liability partnership in accordance with the limited liability partnership agreement;
Subsection (1) does not apply to any sum due to a partner as repayment of a loan made in good faith by the partner to the limited liability partnership.[32
limited liability partnership
“limited liability partnership” has the meaning given by section 4(1);