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Limited Partnerships Act 2008

General - Prohibited and disqualified persons

103A: Persons prohibited from managing limited partnerships

You could also call this:

"Who can't help run a limited partnership in New Zealand"

Illustration for Limited Partnerships Act 2008

If you want to manage a limited partnership, you need to check if you are allowed to. You cannot be a general partner or help manage a limited partnership if you have been convicted of certain crimes. This includes crimes related to companies or dishonesty, such as those under sections 377 to 380 of the Companies Act 1993 or crimes involving dishonesty as defined in section 2(1) of the Crimes Act 1961. You are not allowed to do this for 5 years after your conviction, unless a court says you can. You have to ask the court for permission and give the Registrar at least 10 days' notice that you plan to ask.

If you do not follow these rules, you can get in trouble and even go to prison for up to 5 years or have to pay a fine of up to $200,000. The court can also make orders that you have to follow. A limited partnership includes overseas partnerships that do business in New Zealand.

The Registrar and other people can come to the court hearing and say what they think. You must follow the court's rules and any orders they make.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6252154.

Topics:
Business > Starting a businessBusiness > Industry rulesCrime and justice > Criminal law
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103: Appeals from Registrar’s decisions, or

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103B: Court may disqualify general partners, or

"Court can ban people from being general partners if they break the law or don't follow rules"

Part 2General
Prohibited and disqualified persons

103APersons prohibited from managing limited partnerships

  1. The persons described in subsection (2) must not, during the period of 5 years after the relevant conviction or judgment, be a general partner or promoter of, or in any way, whether directly or indirectly, be concerned or take part in the management of, a limited partnership, unless that person first obtains the leave of the court which may be given on such terms and conditions as the court thinks fit.

  2. Subsection (1) applies to the following persons:

  3. a person who has been convicted of an offence in connection with the promotion, formation, or management of a company (being an offence that is punishable by a term of imprisonment of not less than 3 months); or
    1. a person who has been convicted of an offence under any of sections 377 to 380 of the Companies Act 1993 or of any crime involving dishonesty as defined in section 2(1) of the Crimes Act 1961.

      1. A person intending to apply for the leave of the court under this section must give to the Registrar not less than 10 days' notice of that person's intention to apply.

      2. The Registrar, and such other persons as the court thinks fit, may attend and be heard at the hearing of any application under this section.

      3. A person who acts in contravention of this section, or of any order made under this section, commits an offence and is liable on conviction to imprisonment for a term not exceeding 5 years or to a fine not exceeding $200,000.

      4. In this section, limited partnership includes an overseas limited partnership that carries on business in New Zealand.

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      Notes
      • Section 103A: inserted, on , by section 30 of the Limited Partnerships Amendment Act 2014 (2014 No 47).