Section 60: Distribution of assets upon dissolution

60. Distribution of assets upon dissolution Upon the dissolution of a limited partnership, the assets shall 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; L15A – 39 [Issue 4] Limited Partnerships Act (b) secondly, to limited partners who are creditors and who are not also general partners, 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 partners as follows— (i) firstly, to limited partners for the return of their contributions or, where appropriate, for the release of their obligations to make contributions; (ii) secondly, to limited partners for their share of the profits on their contributions; (iii) thirdly, to general partners other than for capital and profits; (iv) fourthly, to general partners in respect of capital; (v) finally, to general partners in respect of profits. PART VIII – TRANSFER OF REGISTRATION Sub-Part A – Registration and Continuation of Foreign Limited Partnership as Limited Partnership