International Limited Partnership Order, 2000 · As enacted
10. jl)
Official textFrom Attorney General's Chambers, unchanged
Subject to any provision of the partnership agreement and to subsections
partnership agreement
"partnership agreement" means a written agreement which is governed by the laws of Brunei Darussalam and which provides for the establishment of a partnership as an ILP and regulates the affairs of the partnership, the conduct of its business and the rights and obligations of the partners, and if such an agreement is amended at any time, the agreement as amended shall be the partnership agreement;
and (3}, 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 representil)g the return of the whole or (according to the nature of any application) a part of his contribution to the ILP.
general partner
"general partner" means a person who has been admitted to a partnership as a general partner in accordance with the partnership agreeinent and who is named as a general partner in the statement:&led with the ILP Registrar pursuant to section 13;
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.
contribution
"contribution" means cash, property or other assets which a partner contributes to the capital of an ILP jbut does not include any moneys lent by a partner to an ILP);
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.
limited partner
"limited partner" means a person who has been admitted to an ILP as a limited partner and who has complied with section 6;
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.
Terms defined in s 2
contribution
Defined · s 2"contribution" means cash, property or other assets which a partner contributes to the capital of an ILP jbut does not include any moneys lent by a partner to an ILP);
general partner
Defined · s 2"general partner" means a person who has been admitted to a partnership as a general partner in accordance with the partnership agreeinent and who is named as a general partner in the statement:&led with the ILP Registrar pursuant to section 13;
ILP
Defined · s 2"ILP" means an international limited partnership, within the meaning of section 4;
insolvency
Defined · s 2"insolvency", in relation to an ILP, means that the general partner is unable to pay the debts and obligations of the ILP (otherwise than in respect of liabilities to partners on account of their partnership interests) in the ordinary course of business as they fall due out of the assets of the ILP (without recourse to the separate assets of the general partner not contributed to the ILP) and "solvent" shall be construed accordingly;
limited partner
Defined · s 2"limited partner" means a person who has been admitted to an ILP as a limited partner and who has complied with section 6;
partnership agreement
Defined · s 2"partnership agreement" means a written agreement which is governed by the laws of Brunei Darussalam and which provides for the establishment of a partnership as an ILP and regulates the affairs of the partnership, the conduct of its business and the rights and obligations of the partners, and if such an agreement is amended at any time, the agreement as amended shall be the partnership agreement;