2005 Illinois Code - 805 ILCS 210/      Revised Uniform Limited Partnership Act. Article 8 - Dissolution


      (805 ILCS 210/Art. 8 heading)
    (Article scheduled to be repealed on January 1, 2008)
ARTICLE 8
Dissolution (Source: P.A. 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)

    (805 ILCS 210/801)(from Ch. 106 1/2, par. 158‑1)
    (Section scheduled to be repealed on January 1, 2008)
    Sec. 801. Dissolution. A limited partnership is dissolved and its affairs shall be wound up upon the happening of the first to occur of the following:
    (a) at the time or upon the happening of events specified in the partnership agreement;
    (b) written consent of all partners;
    (c) an event of withdrawal of a general partner unless at the time there is at least one other general partner and the partnership agreement permits the business of the limited partnership to be carried on by the remaining general partner and that partner does so, but the limited partnership is not dissolved and is not required to be wound up by reason of any event of withdrawal, if, within 90 days after the withdrawal, all partners (or such lesser number of partners as is provided for in the written provisions of the partnership agreement) agree in writing to continue the business of the limited partnership and to the appointment of one or more additional general partners if necessary or desired; or
    (d) entry of a decree of judicial dissolution under Section 802.
(Source: P.A. 92‑33, eff. 7‑1‑01; 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)

    (805 ILCS 210/802)(from Ch. 106 1/2, par. 158‑2)
    (Section scheduled to be repealed on January 1, 2008)
    Sec. 802. Judicial Dissolution. On application by or for a partner the circuit court of the county in which the registered office of the partnership is located may order dissolution of a limited partnership whenever it is not reasonably practicable to carry on the business in conformity with the partnership agreement.
(Source: P.A. 84‑1412; 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)

    (805 ILCS 210/803)(from Ch. 106 1/2, par. 158‑3)
    (Section scheduled to be repealed on January 1, 2008)
    Sec. 803. Winding Up. Except as provided in the partnership agreement, the general partners who have not wrongfully dissolved a limited partnership or, if none, the limited partners may wind up the limited partnership's affairs; but the circuit court of the county in which the registered office of the partnership is located may wind up the limited partnership's affairs upon application of any partner, his or her legal representative, or assignee.
(Source: P.A. 84‑1412; 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)

    (805 ILCS 210/804)(from Ch. 106 1/2, par. 158‑4)
    (Section scheduled to be repealed on January 1, 2008)
    Sec. 804. Distribution of Assets. Upon the winding up of a limited partnership, the assets shall be distributed as follows:
    (1) to creditors, including partners who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited partnership other than liabilities for distributions to partners under Section 601 or 604;
    (2) except as provided in the partnership agreement, to partners and former partners in satisfaction of liabilities for distributions under Section 601 or 604; and
    (3) except as provided in the partnership agreement, to partners first for the return of their contributions and secondly respecting their partnership interests, in the proportions in which the partners share in distributions.
(Source: P.A. 84‑1412; 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)

    (805 ILCS 210/805)
    (Section scheduled to be repealed on January 1, 2008)
    Sec. 805. Conversion to partnership. A limited partnership may be converted to a partnership as provided in Section 903 of the Uniform Partnership Act (1997).
(Source: P.A. 92‑740, eff. 1‑1‑03; 93‑967, eff. 1‑1‑05. Repealed on 1‑1‑2008 by 805 ILCS 215/1401.)

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