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ARTICLE · 17 SEPTEMBER 2015

Exempted Limited Partnership Law, 2014

Travers Thorp Alberga
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The Exempted Limited Partnership Law, 2014 (the "ELP Law"), enacted on 2 July 2014 and now in full force and effect, repeals and replaces the Exempted Limited Partnership Law (2013 Revision).

Cayman IslandsCorporate/Commercial Law
Travers Thorp Alberga
Travers Thorp Alberga
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Overview

The Exempted Limited Partnership Law, 2014 (the "ELP Law"), enacted on 2 July 2014 and now in full force and effect, repeals and replaces the Exempted Limited Partnership Law (2013 Revision). Whilst it revises and updates the old law it does not make significant changes to the way an exempted limited partnership (an "ELP") is established or operates. Necessarily so, as the ELP Law is of application to all ELPs registered to date. The fundamentals, a general partner, who will have unlimited liability, to act for and on behalf of the ELP (which although a legal entity has no separate personality) and limited partners each of whom will have limited liability remain unchanged. The ELP Law does nonetheless make changes, clarifications and improvements to the old law, and the purpose of this client memorandum is to summarize some of the more important aspects.

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