Section 50: Dissolution of limited liability partnership by Court

50. Dissolution of limited liability partnership by Court (1) The Court may order the dissolution of a limited liability partnership on the application of any partner or creditor of the limited liability partnership or on the application of the Registrar or the Commission, as the case may be, where, in its opinion— (a) it is not reasonably practicable for the limited liability partnership to carry on its business in conformity with the partnership agreement; (b) the limited liability partnership is insolvent; (c) the affairs of the limited liability partnership are being conducted in such a way as to defraud creditors of the limited liability partnership or of any other person, or in an unlawful manner; (d) there has been persistent default by the limited liability partnership or by a simple majority of its partners in complying with the requirements or conditions provided under this Act; (e) persons connected with the formation or management of the limited liability partnership have, in connection with it, been found guilty of fraud, misfeasance, breach of fiduciary duty or other misconduct in relation to the limited liability partnership or any of its partners; or (f) it is just and equitable to do so. (2) The Court may, on making an order under subsection (1) for the dissolution of a limited liability partnership or at any time thereafter, make such other order in relation to the dissolution as it considers appropriate, including an order for the appointment of one or more liquidators to wind up the affairs of the limited liability partnership and distribute its assets. (3) Where a limited liability partnership has been dissolved under this section, the partner making the application, or where a liquidator has been appointed by the Court, the liquidator shall cause the relevant order of the Court to be delivered to the Registrar within 14 days from the date the order is made and the Registrar shall, on the delivery of the order, cancel the registration of the limited liability partnership.