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  • #31
    Originally posted by KrazyHorse View Post
    I don't know how things work in the UK, but in the US, bankruptcy law is supposed to work to the advantage of stakeholders in order of seniority.

    If the courts aren't enforcing that principle then there is something massively wrong...
    Prepack administrations are an out-of-court procedure in the UK.
    One day Canada will rule the world, and then we'll all be sorry.

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    • #32
      Originally posted by KrazyHorse View Post
      The owner of the properties (and thus the debtor) is the PARTNERSHIP, not any individual partner.
      Careful with the language. The owners of the properties are the partners. They are jointly and severally liable as debtors for debts taken up by or on behalf of the partners. Partnerships are not separate legal entities that can have debts or enter into contracts. Companies are.
      "You say that it is your custom to burn widows. Very well. We also have a custom: when men burn a woman alive, we tie a rope around their necks and we hang them. Build your funeral pyre; beside it, my carpenters will build a gallows. You may follow your custom. And then we will follow ours."--General Sir Charles James Napier

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      • #33
        If a partnership has limited liability attached to all of the partners then the partnership is effectively an ownership structure...
        12-17-10 Mohamed Bouazizi NEVER FORGET
        Stadtluft Macht Frei
        Killing it is the new killing it
        Ultima Ratio Regum

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        • #34
          True enough.
          "You say that it is your custom to burn widows. Very well. We also have a custom: when men burn a woman alive, we tie a rope around their necks and we hang them. Build your funeral pyre; beside it, my carpenters will build a gallows. You may follow your custom. And then we will follow ours."--General Sir Charles James Napier

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          • #35
            Originally posted by Zevico View Post
            Careful with the language. The owners of the properties are the partners. They are jointly and severally liable as debtors for debts taken up by or on behalf of the partners. Partnerships are not separate legal entities that can have debts or enter into contracts. Companies are.
            Scottish Limited Partnerships are considered separate legal entities. Makes them useful in private equity structures.
            One day Canada will rule the world, and then we'll all be sorry.

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