Western Australian Current Acts

LIMITED PARTNERSHIPS ACT 2016 - SECT 55

55 .         Grounds for winding up required by Commissioner

                There are grounds to give a show cause notice to an incorporated limited partnership under section 56 if the Commissioner is satisfied that the partnership —

            (a)         does not satisfy the requirements as to the composition of an incorporated limited partnership under section 37(1) and (3); or

            (b)         is an AFOF, ESVCLP, VCLP or VCMP and has ceased to carry on business with a view of profit; or

            (c)         has obtained incorporation by mistake or fraud; or

            (d)         exists for an illegal purpose; or

            (e)         having been incorporated on the basis that the partnership is or is intended to be an AFOF, ESVCLP or VCLP —

                  (i)         has had its registration as an AFOF, ESVCLP or VCLP revoked; or

                  (ii)         has not, within the period of 2 years after its incorporation, become so registered;

                or

            (f)         having been incorporated on the basis that the partnership is or is intended to be a VCMP —

                  (i)         has ceased to meet the requirements set out in the Income Tax Assessment Act 1936 (Commonwealth) section 94D(3) for recognition as a VCMP; or

                  (ii)         has not, within the period of 2 years after its incorporation, met those requirements.