Exempted Limited Partnerships: Winding Up, Dissolution And Other Changes

The Exempted Limited Partnership (Amendment) Law, 2009, which was enacted in March 2009 and is expected to come into effect before the end of April 2009, has made significant changes to the regime for the winding up and dissolution of exempted limited partnerships ("Partnerships"). The opportunity has also been taken to clarify certain other provisions of the Exempted Limited Partnership Law (2007 Revision) ("ELP Law").

WINDING UP AND DISSOLUTION

The ELP Law, as originally enacted, did not contain separate procedures for the winding up of a Partnership and its dissolution. It simply required that, in the event of the dissolution of a Partnership, its affairs be wound up by the general partner, unless otherwise ordered by the court. Similarly, the dissolution of a Partnership was primarily regulated by the relevant partnership agreement, subject to automatic dissolution in certain circumstances (see below) and dissolution by court order on the application of a