454. Subsidiary LLPs audit exemption: parent undertaking declaration of guarantee

(1) A guarantee is given by a parent undertaking under this section when the members of the subsidiary LLP deliver to the Registrar a statement by the parent undertaking that it guarantees the subsidiary LLP under this section.
(2) The statement under subsection (1) must be authenticated by the parent undertaking and must specify —
(a) the name of the parent undertaking and its registered number,
(b) the name and registered number of the subsidiary LLP in respect of which the guarantee is being given,
(c) the date of the statement, and
(d) the financial year to which the guarantee relates.
(3) A guarantee given under this section has the effect that —
(a) the parent undertaking guarantees all outstanding liabilities to which the subsidiary LLP is subject at the end of the financial year to which the guarantee relates, until they are satisfied in full, and
(b) the guarantee is enforceable against the parent undertaking by any person to whom the subsidiary LLP is liable in respect of those liabilities.