Her Majesty’s Government of Gibraltar published the Limited Partnerships Bill on 29th October 2020.
The Bill is a welcomed revamp of the existing Limited Partnerships Act 1927. Although the Bill mostly mirrors the provisions in the 1927 Act (with a modern twist), it will introduce several interesting changes to the limited partnership regime.
Hassans’ Partner Richard Buttigieg and Senior Associate Chloe Oppenheimer have provided a brief synopsis of the changes. NB this summary does not cover the changes relating to funds, for more information on these changes, click here.
For more info, please get in touch with Richard or Chloe.
The Bill is an example of effective modernisation of current legislation. The changes will not necessarily entice people to establish limited partnerships (except for those looking to set up a fund), however they will add to the existing reasons to establish a limited partnership.