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Limited Partnerships Act 2008

General - Terminating events, liquidation, and deregistration

86: Terminating event

You could also call this:

"When something happens to make a limited partnership stop existing"

Illustration for Limited Partnerships Act 2008

A terminating event is when something happens that makes a limited partnership end. This can be an event or a time limit set in the partnership agreement, a decision by the partnership to end, or if there is no general partner or limited partner for 10 working days or more. The partnership agreement can also lapse for 10 working days or more, which is a terminating event.

If there is no general partner, a limited partner can apply to the Court to extend the 10 working day period. You can apply to the Court to extend this time.

The Court can extend the 10 working day period even if it has already expired.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1139249.

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87: Continuing authority of general partners continues after terminating event, or

"What happens to the people in charge of a limited partnership when it ends"

Part 2General
Terminating events, liquidation, and deregistration

86Terminating event

  1. A terminating event is 1 of the following:

  2. an event or the expiry of a period of time when, under the partnership agreement, the limited partnership terminates:
    1. subject to anything that the partnership agreement says, a resolution of the limited partnership that the limited partnership terminate:
      1. there has been no general partner of the limited partnership for 10 working days or more:
        1. there has been no limited partner of the limited partnership for 10 working days or more:
          1. the partnership agreement has lapsed for 10 working days or more.

            1. A general partner or, if there is no general partner, a limited partner, may apply to the Court for an order extending the period of 10 working days referred to in subsection (1)(c) to (e).

            2. The Court may extend the period even though the period has expired.