110Procedure for winding up on certificate

110 Procedure for winding up on certificate

(1) A winding up of an incorporated limited partnership required on a certificate of the Director published under section 108(2)—

(a) must be commenced—

(i) no later than the end of 28 days after the day on which the certificate is published unless an application is made under section 109(1); or

(ii) if an application is made under section 109(1) and the Supreme Court affirms the decision to publish the certificate, on the determination of the application; and

(b) must be completed by the day specified by the Director in a notice given to the partnership, not being a day earlier than 60 days after the day on which the notice is given.

(2) On the commencement of the winding up, the Director may appoint a person to be the liquidator of the incorporated limited partnership.

(3) The liquidator may be a general partner in the incorporated limited partnership and need not be a registered liquidator under the Corporations Act.

(4) The liquidator must within 10 days publish notice of his or her appointment in the Government Gazette.

(5) The liquidator must give such security as may be prescribed and is entitled to receive such fees as are fixed by the Director.

(6) Any vacancy occurring in the office of liquidator is to be filled by a person appointed by the Director.

(7) The reasonable costs of a winding up required on a certificate of the Director published under section 108(2) are payable out of the property of the incorporated limited partnership.

S. 111 inserted by No. 99/2003 s. 4.