§ Mr. Butler
To ask the President of the Board of Trade what progress has been made in implementing the EC partnerships directive, 90/605/EEC.
§ Mr. Neil Hamilton
I have today published a consultative document and draft regulations on the implementation of this EC directive requiring the preparation and publication of accounts for some partnerships between limited companies.
The directive will not affect the majority of partnerships in the United Kingdom which are formed between people rather than companies. It applies only where all the partners—or general partners for limited partnerships—are limited companies.
The consultative document explains that the majority of companies that form partnerships will already cover them in their own annual accounts. Where this is not done, the companies concerned must publish the partnership accounts with their own. If all the partner companies are abroad then, in certain circumstances, the partnership must make its accounts available on demand at its main office.
The draft regulations also provide that companies which are members of partnerships and unlimited companies covered by this directive must disclose information about them and that such unlimited companies must publish their accounts.
A copy of the consultative document and the draft regulations has been placed in the Library of the House. Comments should be made to my Department by 22 January 1993.