Draft Limited Liability Partnership Bill, Fourth
Report of Session 1999-2000, HC 59: Government Response, Eighth
Special Report, HC 529
The Committee committed itself in the autumn
of 1997 to looking at the draft Bill, which was expected in late
1997 or early 1998. In was eventually published in September 1998.
The Committee heard evidence in December 1998 at the conclusion
of the consultation period, and reported in February 1999. The
Report gave the Bill approval in principle, subject to a change
in the proposed balance of primary and secondary legislation.
It favoured the removal of any restrictions on eligibility for
LLP status, and some scheme of voluntary funding in the event
of insolvency. A number of detailed recommendations were made.
2. The Government gave a detailed reply
in June 1999. The Minister stated that the process of pre-legislative
scrutiny had been a very positive one, and the response provided
an unusually detailed explanation of the Government's views. A
few recommendations on points identified by the Committee were
accepted; a number of others which reflected those put forward
by consultees were also accepted.
3. Another draft of the Bill and its associated
secondary legislation was published thereafter the Bill was introduced
in the Lords in November 1999. It received Royal Assent in July
2000. In the course of its passage through both Houses, some general
references were made to the Committee's work, but little in detail.