South Australian Numbered Regulations

PARTNERSHIP REGULATIONS 2006 (NO 7 OF 2006) - REG 7

7—Procedure for winding up required on Commission's certificate

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

            (a)         must commence—

                  (i)         if no application for review is made under regulation 6—within 28 days after the day on which the certificate is published;

                  (ii)         if an application for review is made under regulation 6 and the Court affirms the decision to publish the certificate—within 28 days after the decision is affirmed by the Court; and

            (b)         must end by the day stated by the Commission in a notice given to the partnership, being a day not earlier than 60 days after the day on which the winding up must be so commenced.

        (2)         On the commencement of the winding up of an incorporated limited partnership, the Commission may appoint a person, subject to conditions specified in the instrument of appointment, to be the liquidator of the partnership.

        (3)         The liquidator of an incorporated limited partnership—

            (a)         need not be a registered liquidator under the Corporations Act; and

            (b)         has, subject to the conditions of appointment, all the powers and duties of a liquidator appointed to wind up a company under the Corporations Act ; and

            (c)         may be a general partner in the partnership; and

            (d)         must, within 10 days after being appointed, publish a notice of the appointment in a newspaper circulating generally throughout the State; and

            (e)         must give the security (if any) for the exercise of the liquidator's functions that the Commission directs; and

            (f)         is entitled to receive the fees decided by the Commission; and

            (g)         may resign or, on cause shown, be removed by the Commission.

        (4)         A vacancy occurring in the office of liquidator is to be filled by a person appointed by the Commission.

        (5)         A liquidator who contravenes or fails to comply with a condition of appointment is guilty of an offence.

Maximum penalty: $5 000.

        (6)         The reasonable costs of the winding up of an incorporated limited partnership required on a certificate of the Commission are payable out of the property of the partnership.