The Limited Partnerships (Jersey) Law 1994, as amended (the “LP Law”) provides that a limited partnership’s general partner (the “General Partner”) must notify the Registrar of Companies (the “Registrar”) in the event that any of the information that has been declared to the Registrar pursuant to Article 4 of the Law (a “Declaration”) changes.
We understand that the Registrar has recently conducted a review of the records that he holds on limited partnerships and that he is actively seeking to ensure that General Partners comply with the provisions of the Law.
A Declaration made during the establishment of an LP must include the following:
(a) the name under which the limited partnership is to be conducted;
(b) the address of the registered office of the limited partnership;
(c) the full name and address of each general partner or, in the case of a general partner that is a body corporate, the place where it is incorporated and its registered or principal office; and
(d) the term, if any, for which the limited partnership is to exist or, if for unlimited duration, a statement to that effect.
As a result, the Registrar must be informed of any changes to the above information. The Law provides that the Registrar should receive notice of such changes from the General Partner within 21 days of such change. The notice should be given on a JFSC form LP4 and accompanied with a £100.00 filing fee. A failure to give such notice renders the General Partner to a fine not exceeding £500.00 on the 22nd day after the change is made and further fines not exceeding £50.00 per day thereafter until the notice is given to the registrar.
It is also worth noting that a General Partner is obliged to inform the Registrar in the event of the termination of a limited partnership so that the limited partnership’s registration pursuant to the Law can be cancelled.
Pinel Advocates routinely provide advice on all types of corporate and investment structures including limited partnerships and would be delighted to assist both General and Limited Partners seeking to ensure that their structures comply with the provisions of the Law.
For further information please contact Andrew Pinel or David Yetman.