80Procedure for winding-up on certificate

80 Procedure for winding-up on certificate (1) This section applies if a certificate is issued under section 78 (2) in relation to an incorporated limited partnership. (2) The winding-up of the incorporated limited partnership— (a) must be begun— (i) within 28 days after the day the certificate is notified, unless an application is made under section 79 (1); or (ii) if an application is made under section 79 (1) and the Supreme Court confirms the decision to issue the certificate—within 28 days after the day the application is decided; and (b) must be finished by the day stated by the commissioner in a written notice given to the partnership, that is a day at least 60 days after the day the notice is given. (3) At the beginning of the winding-up, the commissioner for fair trading may appoint a person to be the liquidator of the incorporated limited (4) The liquidator may be a general partner in the incorporated limited partnership and need not be a registered liquidator under the Corporations Act.

(5) Within 10 days after the day the liquidator is appointed, the liquidator must give public notice of the liquidator’s appointment. (6) The liquidator must give the security that is prescribed under the regulations (if any), and is entitled to receive the fees set by the commissioner for fair trading. (7) If the position of liquidator is vacant, the commissioner for fair trading must appoint a person to fill the position. (8) The reasonable costs of the winding-up are payable out of the property of the incorporated limited partnership.