Power of Court to give directions as to winding-up

(1) The Court may give such directions as it thinks fit in the course of the winding-up of the affairs of a limited liability partnership upon the application of– (a) any partner in the limited liability partnership; (b) any creditor of the (c) the person responsible for winding-up the affairs of the limited liability partnership; or (d) where the limited liability partnership is dissolved upon the death of a partner, the personal representatives of the deceased (2) Without prejudice to the discretion conferred by sub- section (1), on an application by the relevant majority of the partners of a limited liability partnership, the Court may give a direction that the applicants purchase the partnership interest of each of the remaining partners at such a price and otherwise upon such terms as the Court thinks fit. 31 (3) In sub-section (2), “relevant majority” in relation to a limited liability partnership shall have the meaning assigned to it for the purposes of that sub-section by the partnership agreement or, if no meaning is so assigned, shall mean a majority of the partners of which such partnership was composed at the date of its dissolution, being either– (a) a majority of the partners by number; or (b) such number of partners as were at the date of dissolution together entitled to a majority of the profits of the partnership. (4) In sub-section (2), the reference to the partnership interest of each of the remaining partners includes the partnership interest of any deceased partner and of any partner other than an individual, which ceases to exist.