WEEK 11 Personal profit earned by partnership, Implied authority of a partnership Dissolution of partnership

UP AND DISSOLUTION 2t). lvinding up.- ]-hr winding up ol a t.imited Liabilil] Pannership mav be either voluntar) or by thc Courl. 30. ('ircumstances irr whirh Limited LiabiliF Partlcrship may be wound up by Court,- A Limiied [-iahiliry Part]lership may be \\ound up b],lhe Coun. il'the Limited Li..bility Partncrship decides that Limiled Liabilit-r Partnership be wound un by rhe (lourtl (ri ib) il lhe number ol partnc.s of the Limited Liabiliiy Pa(nefhip is rcduccti below (e) ifthe Limited Liabilir-v Partnership is unable lo pay ir-( detrs: t0 (d) i2l In all othe. respecls, thc provisions ofthis Act shall apply ii rhe l,imitcd t.iability Partnership has acred againsl rhe inrerests of the sovereignly and integrity of Pakisian, the security of the State or public order; il the l.imited Liability Partnership has made a default in filing with the Rcgistrar thc Statement o1-Accounts for any live consecutive financial yearsi fii ii the Limitd Liabilit,v Pannership has been conceived or brought forth, or is or has been carrying on unlawl'ulor frauduleot activities; or (s) ii rhe Courr is oflhe opinion rhal it is jusr and equirablc that rhe Limilcd l.iability P3rlncrship he u'ound up3L Procedure for wioding up.- (l) The Federal Govemmenl shall make rules in rclarion to winding up and dissolution of Limited Liability Padnerships or through notificatiol in lhe ofiicial Cuctre direct that any provisions of lhe Compaoies Ordinance, 1984 (XLVII of 1984) specilied in such notilication shall apply to any winding up and dissolution proceedings of t,inrited t-iabilil),Partnershjps, with such exception. modification and adaptation as may be specified ir the notitication.