Can an individual member of an LLP apply for the LLP to be wound up?

Applying the provisions of the corporate insolvency regime (IA 1986) to LLPs is not straightforward. It is clear that an LLP can be wound up by the LLP or its members collectively, or by any contributory, or creditor. But, it is uncertain whether it is possible for an individual member to be able to wind it up (even if that member is not a contributory or creditor). The obvious point is that it will not be in the interest of the LLP, or the majority of its members, to be faced with the disruption of dealing with a winding-up petition presented by a disgruntled individual member. Accordingly, given the current uncertainty as to how the corporate insolvency rules apply to LLPs, it is prudent to ensure that the LLP agreement provides that a specified majority of members is needed to petition for a winding up of the LLP.

Certainly, those law firm that have become LLPs would be well advised to check their agreements to see whether this point is covered. Source: Herbert Smith.