Receivership
s 38
38. The provisions of the Fourth Schedule apply to the appointment of a receiver or receiver and manager of the property of a limited liability partnership, and to the receivership of a limited liability partnership.[29
Limited Liability Partnerships Act 2005 PART 6 — RECEIVERSHIP AND WINDING UP
Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Winding up
s 39
39.—(1) The winding up of a limited liability partnership may be either voluntary or by the General Division of the High Court and, unless inconsistent with the context, the provisions of the Fifth Schedule apply to the winding up of a limited liability partnership in either of these modes.[40/2019] (2) The provisions of the Fifth Schedule relating to the remedies against the property of a limited liability partnership and the priorities of debts bind the Government.[30
Amendment of Fourth and Fifth Schedules
s 40
40.—(1) Subject to subsections (2) and (3), the Minister may, by order in the Gazette, amend the Fourth or Fifth Schedule. (2) The Minister must not amend the Fourth or Fifth Schedule to increase the maximum penalty for any of the offences in the Schedules. (3) The Minister may amend the Fourth or Fifth Schedule to include a new offence provided that the maximum penalty for the new offence does not exceed a fine of $2,000 or a term of imprisonment of 12 months and, in the case of a continuing offence, the maximum penalty does not exceed a fine of $200 for every day or part of a day during which the offence continues after conviction. (4) Any order made under subsection (1) must be presented to Parliament as soon as possible after publication in the Gazette.[31
Debt owed to partner
s 41
41.—(1) Any sum due to a partner of a limited liability partnership (in the partner’s capacity as a partner) is not a debt of the limited liability partnership payable to that partner in a case of competition between that partner and any other creditor who is not a partner, but any such sum may be taken into account for the purpose of the final adjustment of the rights of the partners among themselves. (2) Subsection (1) does not apply to any sum due to a partner as repayment of a loan made in good faith by the partner to the limited liability partnership.[32
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