Section 29Part 5 — Miscellaneous
Power of Court to give directions as to winding up
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The Court may give such directions as the Court thinks fit in the course of the winding up of the affairs of a limited liability partnership upon the application of —
any partner in the limited liability partnership or the partner ’ s legal representatives;
any creditor of the limited liability partnership; or
the per son acting as liquidator who is responsible for winding up the affairs of the limited liability partnership.
Without prejudice to the discretion conferred by subsection (1), on an application by the relevant majority, the Court may give a direction tha t the applicants purchase the partnership interest of each of the remaining partners at such price and otherwise upon such terms as the Court thinks fit.
In subsection (2), “ relevant majority ” in relation to a limited liability partnership shall have t he meaning assigned to those words for the purposes of that subsection by the partnership agreement or, if no meaning is so assigned, shall mean a majority of the partners of which such limited liability partnership was composed at the date of the commence ment of the winding up, being either —
a majority of the partners by number; or
the number of partners which were at the date of commencement of winding up together entitled to a majority of the profits of the limited liability partnership.
In subsection (2), the reference to the partnership interest of each of the remaining partners includes the partnership interest of any partner who is deceased or liquidated or has otherwise ceased to exist.