South Australian Current Regulations

PARTNERSHIP REGULATIONS 2021 - REG 9

9—Distribution of assets on winding up required on Commission's certificate

        (1)         On a winding up of an incorporated limited partnership required on a certificate of the Commission—

            (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 accordingly;

            (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)         A person aggrieved by the operation of this regulation in relation to the assets of an incorporated limited partnership may apply to the Court.

        (3)         On an application under subregulation (2), the Court may make such orders as it considers necessary or appropriate in the circumstances.