This order allowed insolvent partnerships to be wound up as an "unregistered" company.

The Order allows a petitioning creditor to:

• Wind up the insolvent partnership only or
• Wind up the insolvent partnership and/or present a separate petition against two or more partners
• Without winding up the partnership, present bankruptcy petitions against one or more partner
• Without winding up the partnership, present bankruptcy petitions against all partners.

Partners if all agreed, can petition for their own bankruptcy which will result in the Trustee winding up the partnership.

Because creditors have so many different alternatives available to them to extract money from a partnership, it is clear that early professional advice is needed for you to consider what is best for your partnership.