Section 10

Subject to any provision of the partnership agreement and to subsections (2) and

, on an application addressed to the general partner or on the dissolution of an ILP, a limited partner shall be entitled to receive out of the capital of the ILP a payment representing the return of the whole or (according to the nature of any application) a part of his contribution to the ILP.

Unless, at the time of the receipt of the payment referred to in subsection (1), the general partner or, if more than one, a majority of them certify that, after the proposed return of contribution is made, the ILP will be able to pay its debts in full as they fall due, the provisions of subsection (3) shall apply in relation to the payment for a period of four months from the date of receipt of the payment.

If this subsection applies in relation to a payment made to a limited partner, then, in the event of the insolvency of the ILP within the period of four months specified in subsection (2), the limited partner shall be liable to repay the payment together with a return or contribution to the extent that the capital returned or part thereof returned is necessary to discharge a debt or obligation of the ILP incurred during the period when the capital returned represented an asset of the ILP.

In this section “receive” and “receipt”, in relation to a payment, includes the release of any undertaking to make a contribution and, in this context, any liability to make a repayment pursuant to subsection (3) shall be construed as referring to the due performance of such an undertaking.

Incorporating amendments until S 1/2016

(Clean version) Nani/Amiriah/zimah _ as of 04.05.2019

12

BLUV as at 14 January 2016

Register of limited partners and their interests.