Legal Services Regulation Act 2015


Property of partnership

124. (1) Section 123 shall not operate to prevent or restrict the enforcement against the property of a limited liability partnership of any debt, obligation or liability.

(2) The transfer of any partnership property out of the joint ownership of some or all of the partners in a limited liability partnership for the benefit of any one or more of those partners shall constitute a conveyance for the purposes of section 74 of the Land and Conveyancing Law Reform Act 2009 and section 7 of the Bankruptcy Act 1988.