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How does a former LLP partner get the remuneration due to his…

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How does a former LLP...
How does a former LLP partner get the remuneration due to his deceased former LLP partner in respect of his work undertaken on a banckruptcy that completed 5 years' ago, after his release and discharge?
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Submitted: 7 years ago.Category: UK Bankruptcy Law
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Answered in 8 hours by:
4/24/2010
Solicitor: F E SMITH, Solicitor replied 7 years ago
F E SMITH
F E SMITH, Solicitor
Category: UK Bankruptcy Law
Satisfied Customers: 10,128
Experience: Ll.b Hons and 30 years qualified
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-Could you explain your situation a little more?
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Customer reply replied 7 years ago

Two insolvency practitioner ran an insolvency practitioner practice as an LLP. During this time one partner (P1) was trustee in one particular bancruptcy estate, which he completed and a final creditors' meeting was called and final dividends were paid. P1 acquired the consent of the creditors to be paid his fees on a time basis. Before he paid himself from the estate, P1 died. The LLP partnership was later disolved. His former partner, P2, (also an Insolvency Practitioner) is now looking to recover the fees generated by P1. However, the consent of the creditors to payment (on a time basis) of P1's fees has been lost.

 

An application for payment of fees in the absence of creditors' consent can be made by a trustee by rule 6.141(1) of the Insolvency rules 1986 (ie where he is seeking to be paid under rule 6.138(6) and 6.138A.) However, P1 is no longer in office (since he vacated and was released after completing the bankruptcy) and the partnership no longer exists.

 

Does P2 have any way of obtaining the fees generated by P2 during the course of thie LLP partnership?

 

Kind regards.

 

Solicitor: F E SMITH, Solicitor replied 7 years ago
Good Morning,

I'm sorry this question is a quite bit more involved than I can deal with so I will opt out and let another expert answer.

F E
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Customer reply replied 7 years ago
Thanks for the prompt reply. I understand. Do I just wait to hear further?

Solicitor: F E SMITH, Solicitor replied 7 years ago
Good Afternoon,

Yes, hopefully another expert will pick it up.

F E
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Customer reply replied 7 years ago
Thanks. For some reason the web site is alerting me to the fact I have had my question answered, when it's merely taking me this reply...
Customer reply replied 7 years ago
Relist: Expert "opted out" of giving an answer, saying it was too complicated/involved for him. I therefore take it I have not had a formal "answer", despite receiving emails telling me I have?

Thanks.
[email protected]
.
Expert "opted out" of giving an answer, saying it was too complicated/involved for him. I therefore take it I have not had a formal "answer", despite receiving emails telling me I have?

Thanks.
[email protected]
Customer reply replied 7 years ago
Relist: The expert "opted ou(", so I take ot I've not had a formal answer yet, despite receiving emails saying that I have?.
The expert "opted ou(", so I take ot I've not had a formal answer yet, despite receiving emails saying that I have?
Solicitor: F E SMITH, Solicitor replied 7 years ago
Good Morning,

I am sorry that you are still waiting, I have reported this to the administration team for you. Best wishes. F E
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Customer reply replied 7 years ago
Many thanks again for your help!
Solicitor: F E SMITH, Solicitor replied 7 years ago
you're welcome F E
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Customer reply replied 7 years ago

This site is now saying that the question's status is "finished" and that my question has been answered. Do I need to do anything specific to correct this (as plainly I am still seeking a substantive reply)?

 

 

Solicitor: DR Lawyer, Lawyer replied 7 years ago
DR Lawyer
DR Lawyer, Lawyer
Category: UK Bankruptcy Law
Satisfied Customers: 2,319
Experience: BA (Hons) Pgdl Pgdlp (LPC)
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Customer reply replied 7 years ago

I am so sorry for the delay in replying but unfortunately this answer is incorrect.

 

After further research it transpires that anyone other than a trustee of the estate of the deceased Mr xX would not have locus standi under the insolvency legislation to make the application. The correct procedure is for IP2 (the remaining insolvency practitioner) to seek appointment as trustee of the estate of the former bankrupt from the Official Receiver, (after procuring the approval or at least the non-objection from the majority of the creditors), on the basis that an asset in the former bankrupt's estate (ie the money held by the insolvency partners' firm) remains to be dealt with as a result of IP1's (the deceased practitioner's) default. After being re-appointed, IP2 can make the application and distribute the money to his firm and/or as per the court's direction.

 

 

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