123. (1) A partner in a limited liability partnership shall not, by reason only of his or her being a partner or being held out as being a partner in that partnership, be personally liable directly or indirectly, by way of contribution or otherwise, for any debts, obligations or liabilities arising in contract, tort or otherwise of—

(a) the limited liability partnership,

(b) himself or herself,

(c) any other partner in that limited liability partnership, or

(d) any employee, agent or representative of that limited liability partnership.

(2) Subsection (1) shall not apply to a partner in a limited liability partnership to the extent that—

(a) the debt, obligation or liability referred to in that subsection is incurred as a result of an act or omission of the partner involving fraud or dishonesty, and

(b) that act or omission—

(i) was the subject of a finding of misconduct under Part 6, or

(ii) constituted an offence of which the partner was convicted.

(3) Subsection (1) does not affect the liability of a partner in a limited liability partnership in respect of a debt, obligation or liability incurred by that partner for a purpose not connected with the carrying on of the business of the limited liability partnership.

(4) Subsection (1) shall not apply to a partner in a limited liability partnership to the extent that the debt or obligation referred to in that subsection relates to any tax (within the meaning of section 960A of the Taxes Consolidation Act 1997).

(5) Subsection (1) does not affect the personal liability of a partner in a limited liability partnership for any debt, obligation or liability referred to in that subsection where the debt, obligation or liability was incurred by reason of an act or omission of the partner which occurred prior to the date of authorisation to operate as a limited liability partnership notified under section 125(6).

(6) The Partnership Act 1890 shall apply to limited liability partnerships to the extent that it is not inconsistent with this Chapter.