Steven Fennell

Limited liability partnerships: authority to borrow and to give security

This article addresses two related practical issues which arise in acquisitions, restructurings and financing transactions where a limited liability partnership (LLP) is involved in the group structure. The first is the authority needed by a lender where an LLP is giving a guarantee of group companies’ liabilities and/or granting security. The second is the related point about charging the interests of a member in an LLP.