Limited Partnerships Act 2016

In this section —

Subject to subsection (4), the winding up of an incorporated limited partnership is declared to be an applied Corporations legislation matter for the purposes of the Corporations (Ancillary Provisions) Act 2001 Part 3 in relation to the provisions of the Corporations Act Part 5.7, with the modifications set out in subsection (3).

For the purposes of subsection (2), the provisions of the Corporations Act Part 5.7 —

apply as if the incorporated limited partnership were a Part 5.7 body (as defined in the Corporations Act section 9); and

are to be read as if the words “or in the public interest” were inserted in section 583(c)(ii) after the words “just and equitable”; and

are to be read as if section 583(d) were deleted; and

are to be read subject to any other modifications (within the meaning of the Corporations (Ancillary Provisions) Act 2001 Part 3) that are prescribed.

Subsection (2) does not apply to a voluntary winding up or a winding up required on a winding up notice.

ASIC may perform a function conferred on it under a law applied by subsection (2) —

under an agreement or arrangement of the kind referred to in the ASIC Act section 11(8) or (9A)(b); and

if ASIC is authorised to perform that function under section 11 of that Act.

Unless a function under a law applied by subsection (2) is conferred on ASIC as referred to in subsection (5), that law applies as if a reference in it to ASIC were a reference to the Commissioner.