2013 New Jersey Revised Statutes
Section 42:1A-41 - Postdissolution, rights, duties on winding up

NJ Rev Stat § 42:1A-41 (2013) What's This?

42:1A-41. Postdissolution, rights, duties on winding up

41. a. After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership's business, but on application of any partner, partner's legal representative, or transferee, a court of competent jurisdiction, for good cause shown, may order judicial supervision of the winding up.

b.The legal representative of the last surviving partner may wind up a partnership's business.

c.A person winding up a partnership's business shall preserve the partnership business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal, or administrative, settle and close the partnership's business, dispose of and transfer the partnership's property, discharge the partnership's liabilities, distribute the assets of the partnership pursuant to section 45 of this act, settle disputes by mediation or arbitration, and perform other necessary acts.


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