Investment Limited Partnerships Act 1994

Power of court in case of failure to comply with requirement or condition.


34.—(1) Where, on an application made in a summary manner by the Bank, the court is satisfied that there has occurred or is occurring a failure by an investment limited partnership to comply with a requirement or condition imposed under or by virtue of this Act, the court may, by order, prohibit the continuance of the failure or enforce compliance with the requirement by the investment limited partnership, general partner or F87[depositary].

(2) In determining whether to grant an order under this section, the court shall consider—

(a) the requirements of the orderly and proper regulation of investment limited partnerships;

(b) the interests of creditors of the investment limited partnership, the limited partners and creditors of the partners;

(c) the gravity of the non-compliance complained of.

(3) The court may grant such interim or interlocutory relief on an application under this section as in the light of the matters set forth in subsection (2), as it considers appropriate.

(4) An application under this section, other than application for interim relief, shall be made on notice to the investment limited partnership, the general partner and the F87[depositary].

(5) Upon receipt of a notice of an application under this section, the general partner shall cause the limited partners to be forthwith informed thereof.

(6) A general partner who fails to comply with subsection (5) shall be guilty of an offence.




Substituted (1.02.2021) by Investment Limited Partnerships (Amendment) Act 2020 (31/2020), s. 5(1)(a) and table, S.I. No. 19 of 2021.