Section 30Part 5 — Miscellaneous
Settling accounts on winding up
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The l imited liability partnership property shall, on a winding up of the limited liability partnership, be distributed in the following order of priority —
liabilities to creditors, excluding any partner or former partner in the limited liability partnershi p in respect of the partner ’ s or former partner ’ s partnership interest or in respect of any loan made by the partner or any former partner to the limited liability partnership for any purpose; then
subject to the partnership agreement and to any agreem ent between the limited liability partnership and any former partner in question —
liabilities to former partners in the limited liability partnership in respect of any loans made by the former partners to the limited liability partnership for any purpose, then
liabilities to former partners in the limited liability partnership in respect of their partnership interests or otherwise; then
subject to the partnership agreement and to any agreement between the limited liability partnership and any former partner in question —
liabilities to partners in the limited liability partnership in respect of any loans made by the partners to the limited liability partnership for any purpose; then c Revised a s at 1st January, 2025 Page 29
liabilities to partners in the limited liability partnership in respect of their partnership interests or otherwise.
Subject to the partnership agreement, any limited liability partnership property remaining after payment of the liabilities described in subsection (1) shall be distributed equally to the partners.