Fraudulent trading can render LLP members personally and jointly liable for company debts and subject to asset charges.

Summons under rule 225 invokes an application by a liquidator or creditor alleging the LLP carried on business with intent to defraud creditors, and that specified respondents knowingly participated. It seeks declarations that those respondents are personally and without limitation liable for debts incurred in the relevant period, joint and several liability to pay sums owing for goods, services or other liabilities, an order for payment to the liquidator, creation of a first charge on specified assets or securities to enforce the liability, and payment of costs.

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