Arkansas § 4-47-803 - Winding up.

§ 4-47-803. Winding up.

A limited partnership continues after dissolution only for the purpose of winding up its activities. In winding up its activities, the limited partnership: may amend its certificate of limited partnership to state that the limited partnership is dissolved, preserve the limited partnership business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal, or administrative, transfer the limited partnership's property, settle disputes by mediation or arbitration, file a statement of termination as provided in § 4-47-203, and perform other necessary acts; and shall discharge the limited partnership's liabilities, settle and close the limited partnership's activities, and marshal and distribute the assets of the partnership. If a dissolved limited partnership does not have a general partner, a person to wind up the dissolved limited partnership's activities may be appointed by the consent of limited partners owning a majority of the rights to receive distributions as limited partners at the time the consent is to be effective. A person appointed under this subsection: has the powers of a general partner under § 4-47-804; and shall promptly amend the certificate of limited partnership to state: that the limited partnership does not have a general partner; the name of the person that has been appointed to wind up the limited partnership; and the street and mailing address of the person. On the application of any partner, the circuit court may order judicial supervision of the winding up, including the appointment of a person to wind up the dissolved limited partnership's activities, if: a limited partnership does not have a general partner and within a reasonable time following the dissolution no person has been appointed pursuant to subsection (c); or the applicant establishes other good cause.