Section 40Part 6 — Application of the Partnership Act
Recognition of proceedings in other jurisdictions
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This section applies where an order is made by a court outside of the Islands for the winding up of the affairs of a limited liability partnership, and references in this section to an order shall be construed accordingly.
For the purposes of this Act , a limited liability partnership shall not be taken to be wound up by an order un til that order has been recognis ed by the Court, but, once an order has been recognis ed by the Court, the order shal l be taken to be an order for the winding up of the affairs of the limited liability partnership with effect from the date on which such order is recognis ed by the Court.
An application to the Court for recognition of an order may be made by the person appointed under the order to wind up the affairs of the limited liability partnership or, if none, the person on whose application the order was made.
In determining wh ether or not to recognis e an order the Court shall have regard to whether the groun ds on which the order is made would constitute grounds for winding up in the Islands.
Where the Court decides to recognis e an order, the Court may also appoint a person as liquidator to be responsible for winding up the affairs of the limited liability partnership and give such directions as the Court thinks fit as to the winding up.
Where the Court decides to recognis e an order in respect of a limited liability partnership, the person acting as liquidator and responsible for winding up the affairs of the limited liability partnership shall deliver a copy of the decision of the Court to the Registrar within thirty days after the order is made.