50-73.52 - Distribution of assets. - Virginia Statutes

§ 50-73.52. Distribution of assets.

Upon the winding up of a limited partnership, the assets shall be distributedas follows:

1. To creditors, including partners who are creditors, to the extentpermitted by law, in satisfaction of liabilities of the limited partnershipother than liabilities for distributions to partners under § 50-73.36 or §50-73.39;

2. Except as provided in the partnership agreement, to partners and formerpartners in satisfaction of liabilities for distributions under § 50-73.36 or§ 50-73.39; and

3. Except as provided in the partnership agreement, to partners first for thereturn of their contributions and secondly respecting their partnershipinterests, in the proportions in which the partners share in distributions.

(1985, c. 607.)