Continuation of partnership following dissolution

(1) Where, following dissolution of a limited liability partnership but before completion of the winding-up of its affairs, two or more of the partners of the limited liability partnership are to acquire the partnership interests of each of the remaining partners, either by agreement or upon a direction of the Court pursuant to section 27 (2) – (a) the affairs of the limited liability partnership shall not be wound-up and the partnership shall continue as if it had not been dissolved; and (b) subject to section 14 (3), upon the acquisition taking place, the partners whose interests are intended to be acquired shall be deemed to have retired from the partnership. (2) One of the acquiring partners shall, within twenty-eight days after the agreement or direction described in sub-section (1), deliver to the Registrar a statement of cessation or dissolution of partnership signed by him specifying– (a) the date for the acquisition of the retiring partners’ interests; (b) the names of the acquiring partners, indicating which of them is to become a designated partner; and (c) the names of the retiring partners. (3) Upon delivery to him of a statement made pursuant to sub-section (2), the Registrar shall register the statement and issue a certificate to that effect. 28 (4) With effect from the issue of the certificate described in sub-section (3), section 6, shall apply as if the limited liability partnership had not been dissolved. (5) If default is made in compliance with sub-section (2), each of the acquiring partners commits an offence.