Limited Partnerships Act 2016

On a winding up of an incorporated limited partnership required on a winding up notice —

if the partnership agreement sets out how the assets are to be dealt with on a winding up — the assets must be dealt with under the partnership agreement; or

otherwise — the assets must be distributed among the partners in shares that are proportionate to their respective contributions of capital or property to the partnership.

Any person aggrieved by the operation of this section in relation to the assets of an incorporated limited partnership may apply to the court.

On an application, the court may make any order relating to the disposal of the assets that it considers appropriate.