With effect from 1 December 2020, Lubbock Fine converted to a limited liability partnership (LLP). Lubbock Fine LLP ("Lubbock Fine") is registered in England and Wales (no. OC431004).
Reason for changes
Lubbock Fine was founded in 1929 as a general partnership and remains subject to the Partnership Act 1890. Today, within the top 50 accountancy practices in the UK, perhaps fewer than four remain as traditional partnerships, with the vast majority having already converted to a limited liability partnership (LLP) status under the more modern Limited Liability Partnerships Act 2000.
An LLP is a separate legal entity and is far more practical in today’s climate allowing for geographic expansion, acquiring assets and raising capital finance whilst still maintaining the organisational flexibility of a traditional partnership. Another key feature of an LLP is that its members have limited liability. There are a number of other benefits of an LLP which will ultimately benefit our clients.
For these reasons the partners of Lubbock Fine have decided to convert to an LLP.
Continuity of client service
We assure you that this change does not affect in any way the delivery or quality of service that we provide nor does it change the way in which we operate or work with our clients. We remain absolutely committed to providing a superb client service and the conversion simply means that clients will now be advised by a firm which has adopted a modern corporate structure. The change is seamless, with the same Lubbock Fine team working with you.
Changes from the implementation date
Lubbock Fine LLP is a limited liability partnership registered at Companies House with accounting and filing requirements similar to that of a private limited company.
From 1 December 2020 the business, assets and liabilities of the Lubbock Fine partnership were transferred to Lubbock Fine LLP (the “Transfer Date”).
Similarly, all client money, information, records and data necessary to enable us to continue to provide our services to you after the implementation date, have been transferred to Lubbock Fine LLP.
For existing clients of Lubbock Fine, please note that any services provided to you as at the Transfer Date have been transferred to and will be carried out by Lubbock Fine LLP.
Legal changes to current terms of engagement
Your current engagement with Lubbock Fine will be deemed to have been novated to Lubbock Fine LLP and will continue to apply to all work being carried out on or after the Transfer Date, subject to the following changes:
(a) your engagement will be with Lubbock Fine LLP,
(b) any references in our terms of engagement (or elsewhere, in writing or orally), before or after the Transfer Date, to “partners” will be construed as “members” of the LLP,
(c) any references in our terms of engagement to Lubbock Fine will be construed as references to Lubbock Fine LLP,
(d) the limitations of liability and any caps on liability attaching to the LLP shall be as stated in our terms of engagement and there will be no separate aggregate limits of liability applicable to the predecessor partnership of Lubbock Fine and Lubbock Fine LLP, and
(e) any other necessary or consequential variations to our terms which we shall notify to you.
Assignments commencing after the transfer date
New assignments that commence after the Transfer Date will be subject to a new letter of engagement issued by Lubbock Fine LLP together with associated Terms and Conditions.
New banking arrangements
As part of the transition, we have migrated our main business banking arrangements. Any payments for services you make to us after the Transfer Date should be made into our new Lubbock Fine LLP office bank account. Any periodic bank transfers you make by Standing Order should also be changed to reflect the new account details. For more information, please speak to your usual Lubbock Fine contact.
Changes to website and materials
Please note that many of the documents on our website will have been produced prior to the Transfer Date and consequently nothing on our website or in any documents contained therein shall be taken to indicate that Lubbock Fine or any of its limited liability affiliated businesses such as Lubbock Fine Wealth Management LLP are unlimited liability undertakings or general partnerships.
Transfer of information
The conversion to an LLP is a very positive change for Lubbock Fine and also for our clients. We have set out above the changes that will come into effect from the Transfer Date. If you have any questions, please don’t hesitate to contact us.