Distribution of assets on winding-up required on commissioner’s certificate
81 Distribution of assets on winding-up required on commissioner’s certificate
On the winding-up of an incorporated limited partnership under section 80—
if the partnership agreement sets out how the assets are to be dealt with on the winding-up—the assets must be dealt with in accordance with the partnership agreement; or
in any other case—the assets must be distributed among the partners in shares that are proportionate to their respective contributions of capital or property to the partnership.
A person aggrieved by the operation of this section in relation to the assets of an incorporated limited partnership may apply to the Supreme Court.
On an application under subsection (2), the Supreme Court may make any order relating to the disposal of the assets that it considers appropriate.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.