# The Insolvent Partnerships Order 1994, Paragraph 22: Section 331: Final Account

Extent: E+W

Section 331 is modified to read as follows—
“331. (1) Subject as follows in this section and the next, this section applies where—
(a) it appears to the trustee of the estates of the members and of the partnership that the administration of any member’s estate or the winding up of the partnership business and administration of the partnership property is for practical purposes complete, and
(b) the trustee is not the official receiver.
(2) The trustee must—
(a) give the creditors of the members and of the partnership (other than opted-out creditors) notice that it appears to the trustee that the administration of the member’s estate or the winding up of the partnership business and administration of the partnership property is for practical purposes complete,
(b) make up an account of the administration or winding up, showing how it has been conducted and the property disposed of.
(c) send a copy of the account to the creditors of the members and of the partnership (other than opted-out creditors), and
(d) give the creditors of the members and of the partnership (other than opted-out creditors) a notice explaining the effect of section 299(3)(d) and how they may object to the trustee’s release.
(3) The trustee must during the relevant period send to the court and, in the case of a corporate member, send to the registrar of companies—
(a) a copy of the account, and
(b) a statement of whether any of the creditors of the members and of the partnership objected to the trustee’s release.
(4) The relevant period is the period of 7 days beginning with the day after the last day of the period prescribed by the rules as the period within which the creditors may object to the trustee’s release.”.

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Source: https://www.legislation.gov.uk/uksi/1994/2421/schedule/7/paragraph/22 (the official version)
Page: https://openlegislation.uk/insolvent-partnerships-order-1994/schedule-7/paragraph-22
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.