Section 27Part 5 — Miscellaneous
Continuation of limited liability partnership following winding up
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Where, following commencement of voluntary winding up of a limited liability partnership but before completion of the winding up of the limited liability partnership ’ s affairs, two or more of the partners are to acquire the partnership interests of each of the remaining partners or the sole remaining partner, or the personal or other legal representative of the sole remaining partner and one or more persons who have agreed to become partners are to acquire the limited liability partnership assets, either by agreement or upon a direction of the Court pursuant to section 29
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the affairs of the limited liability partnership shall not be wound up and dissolved and the limited liability partnership shall continue as if the limited liability partnership ha d not been subject to winding up; and
upon the acquisition taking place, the partners whose partnership interests are acquired shall be taken to retire from it. ( 2 ) One of the acquiring partners shall, within thirty days after the agreement or directio n described in subsection (1), deliver to the Registrar a statement of cessation of winding up signed by the partner specifying — ( a ) the date of acquisition of the retiring partners ’ partnership interests; ( b ) the names of the acquiring partners and indic ating which of the partners, if any, is to be a managing partner; and
the names of the retiring partners.