Penalty framework for LLP non-compliance updated to impose fixed and continuing penalties with caps for LLPs and partners. The amendment restructures section 10 to replace prior fine language with a penalty framework establishing an initial penalty and a per-day continuing contravention charge, subject to separate maximum caps for the limited liability partnership and for each partner; it also substitutes subsections assigning defined penalties and continuing charges for breaches of the filing provision and for breaches of other specified obligations, differentiating liability between the LLP and its designated partners or partners.
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Provisions expressly mentioned in the judgment/order text.
Penalty framework for LLP non-compliance updated to impose fixed and continuing penalties with caps for LLPs and partners.
The amendment restructures section 10 to replace prior fine language with a penalty framework establishing an initial penalty and a per-day continuing contravention charge, subject to separate maximum caps for the limited liability partnership and for each partner; it also substitutes subsections assigning defined penalties and continuing charges for breaches of the filing provision and for breaches of other specified obligations, differentiating liability between the LLP and its designated partners or partners.
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