The Partnerships (Unrestricted Size) No. 17 Regulations 2001
Section 716 of the Companies Act 1985 prohibits the formation of partnerships consisting of more than 20 persons. These Regulations exempt from that prohibition partnerships formed for the purpose of carrying on practice as insolvency practitioners and consisting of persons the majority of whom—are authorised to act as insolvency practitioners under the Insolvency Act 1986, orhave an equivalent authorisation under the law of a Member State of the European Economic Area.