Dissolution Winding Up Termination and Liquidation of the Partnership Clause Samples

The "Dissolution, Winding Up, Termination and Liquidation of the Partnership" clause outlines the procedures and conditions under which a partnership may be formally ended. It typically details the events that can trigger dissolution, such as mutual agreement, expiration of a term, or occurrence of specified events, and describes the steps for settling the partnership’s affairs, including paying debts, distributing remaining assets, and filing necessary documents. This clause ensures an orderly and fair process for closing the partnership, protecting the interests of all partners and creditors, and providing legal clarity on how the partnership’s business is concluded.
Dissolution Winding Up Termination and Liquidation of the Partnership 
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  • Dissolution Winding Up Termination 27 8.1 Dissolution.......................................................................27 8.2

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  • Dissolution Liquidation and Termination of the Company Section 8.1 Events Causing Dissolution. -------------------------- The Company shall dissolve upon and its affairs shall be wound up after the happening of any of the following events: 8.1.1 the Consent of all of the Members; 8.1.2 the sale or other disposition by the Company of all or substantially all of its assets; or 8.1.3 the entry of a decree of judicial dissolution under Section 18-802 of the Act.

  • Dissolution of the Partnership The General Partner may dissolve the Partnership prior to the expiration of its term at any time on not less than 60 days’ notice of the dissolution date given to the other Partners. Upon the dissolution of the Partnership, the Partners’ respective interests in the Partnership shall be valued and settled in accordance with the procedures set forth in Section 6.5.

  • Dissolution Winding Up and Termination Upon the occurrence of a Liquidating Event, the General Partner shall have the full power and authority to proceed with the liquidation of the Partnership and to take all steps which it may deem necessary or desirable to wind up the Partnership’s affairs, having for such purpose all the powers referred to and provided for in Article 7 appropriate to accomplish the same and allowing for a reasonable time in order to minimize losses attendant to the liquidation, so that the Partnership may be terminated in accordance with the Act. In the event that there is no General Partner, the Limited Partners shall, by Majority Approval, designate one or more Partners or a non-Partner or both to proceed with the liquidation of the Partnership’s assets and the termination of the Partnership. In the event that a liquidator is designated pursuant to the preceding sentence, hereinafter in this Article all references to the General Partner shall be deemed to refer to such liquidator.