Investment Limited Partnerships Act 1994

Cessation of limited partner on assignment.


22.—(1) Subject to subsections (2) and (3), legal proceedings in respect of any liability of or to an investment limited partnership including proceedings to enforce a foreign judgment by or against the investment limited partnership may be instituted by or against any one or more of the general partners only and no limited partner shall be a party to or named in such proceedings.

(2) Subsection (1) shall be without prejudice to the right of a general partner or a creditor of an investment limited partnership or other person to join in or otherwise institute proceedings against any one or more of the limited partners who may be liable for the debts of the investment limited partnership F55[, including in a case where such liability arises pursuant to section 6].

(3) A limited partner may with the leave of the court, bring an action on behalf of an investment limited partnership if the general partners with authority to bring such proceedings refuse to do so, and the court determines that that refusal is oppressive to the limited partner or in disregard of his interests as a limited partner.




Substituted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 21, S.I. No. 19 of 2021.