Section 54: Distribution of assets on dissolution

54. Distribution of assets on dissolution The assets shall, on the dissolution of a limited liability partnership, be distributed in the following order— (a) firstly, to creditors other than partners, to the extent permitted by law, in satisfaction of debts of the partnership; (b) secondly, to partners who are creditors and to the extent permitted by law, in satisfaction of debts of the partnership other than debts described in paragraph (c); (c) finally, subject to the partnership agreement, to the partners as follows— (i) firstly, to partners for the return of their contributions or, where appropriate, for the release of their obligations to make contributions; (ii) secondly, to partners tor their share of the profits on their contributions; (iii) thirdly, to partners other than for capital and profits; (iv) fourthly, to partners in respect of capital; (v) finally, to partners in respect of profits.