232. Winding up limited partnership on dissolution.

Unless the court otherwise orders, the affairs of a limited partnership, other than a private fund limited partnership1, are, on dissolution, to be wound up by the general partners2. In so doing, they must, subject to the provisions of the Limited Partnerships Act 1907, be guided by the rules applicable to the winding up of an ordinary partnership, treating the limited partners as sleeping partners3.

If a private fund limited partnership4 is dissolved at a time when the partnership has at least one general partner, the affairs of the partnership must be wound up by those who are general partners

Popular documents