111Distribution of assets on winding up required on Director's certificate

111 Distribution of assets on winding up required on Director's certificate

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

(a) if the partnership agreement sets out how the assets are to be dealt with on such a winding up, the assets must be dealt with in accordance with the partnership agreement; or

(b) in any other case, the assets are to be distributed among the partners in shares that are proportionate to their respective contributions of capital or property to the partnership.

(2) Any person aggrieved by the operation of this section in relation to the assets of an incorporated limited partnership may apply to the Supreme Court.

(3) On an application under subsection (2) the Supreme Court may make any order relating to the disposal of the assets that it thinks fit.

S. 112 inserted by No. 99/2003 s. 4.