Section 56: Dissolution of limited partnership by Court
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
56. Dissolution of limited partnership by Court
(1) The Court may order the dissolution of a limited partnership on the
application of any partner or creditor of the limited partnership or on the
application of the Registrar, where in its opinion—
(a) it is not reasonably practicable for the limited partnership to
carry on its business in conformity with the partnership agreement;
(b) the limited partnership is insolvent;
(c) there has been, in relation to the limited partnership, a failure to
comply with a notice of the Registrar under section 17 (6);
(d) the affairs of the limited partnership are being conducted in such
a way as to defraud creditors, whether of the limited partnership
or of any other person, or in an unlawful manner;
(e) there has been persistent default by the limited partnership or by
any of its general partner in complying with the requirements or
conditions under this Act;
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Limited Partnerships Act
(f) persons connected with the formation or management of the
limited partnership have, in connection with it, been guilty of
fraud, misfeasance, breach of fiduciary duty or other misconduct
in relation to the limited partnership or any of its partner; or
(g) it is just and equitable to do so.
(2) Upon making an order under subsection (1) for the dissolution of a
limited partnership or at any time thereafter, the Court may make such other
orders in relation to the dissolution as it considers appropriate, including one
for the appointment of one or more liquidators to wind up the affairs of the
limited partnership and distribute its assets.
(3) Where a limited 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 after the order is made and the
Registrar shall, upon delivery of the order, cancel the registration of the limited partnership.