Section 16: Cessation of partnership interest

16. Cessation of partnership interest (1) A partner of a limited liability partnership shall cease to be a partner— (a) on the termination or dissolution of the partner or on his death; (b) upon his or its bankruptcy or insolvency; (c) in accordance with the provisions of the partnership agreement; or (d) in the absence of any provision in the partnership agreement, upon giving 30 days’ notice to the other partners, of his intention to resign as partner. (2) Unless otherwise provided in the partnership agreement, where a partner of a limited liability partnership ceases to be a partner, that partner, or his or its personal representative or liquidator, as the case may be, shall be entitled to receive from the limited liability partnership an amount equal to his capital contribution to the limited liability partnership and he or it shall have the right to his or its share in the accumulated profits of the limited liability partnership after the deduction of losses of the limited liability partnership. (3) The amount referred to in subsection (2) shall be determined as at the date the partner ceased to be a partner. L15A1 – 9 [Issue 9] Limited Liability Partnerships Act (4) For the avoidance of doubt, a partner who or which has ceased to be a partner, his or its personal representative or liquidator, as the case may be, shall not interfere in the management of the limited liability partnership. (5) A partner may not be removed from a limited liability partnership by the other partners unless the power to do so is expressly provided in the partnership agreement.