Maine § 1393. - Winding up
Full text of Maine Maine Revised Statutes § 1393. — Winding up, with citation guidance and answers to common questions.
§ 1393.. Winding up
1. Purpose after dissolution. A limited partnership continues after dissolution only for the purpose of winding up its activities.
2. Winding up limited partnership. In winding up its activities, the limited partnership:
A. 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 section 1323 and perform other necessary acts; and [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. Shall discharge the limited partnership's liabilities, settle and close the limited partnership's activities and marshal and distribute the assets of the partnership. [PL 2005, c. 543, Pt. C, §2 (NEW).]
3. Appointment to wind up activities. 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:
A. Has the powers of a general partner under section 1394; and [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. Shall promptly amend the certificate of limited partnership to state:
(2) The name of the person that has been appointed to wind up the limited partnership; and
(3) The street and mailing address of the person. [PL 2005, c. 543, Pt. C, §2 (NEW).]
4. Judicial supervision. On the application of any partner, the Superior 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. The limited partnership does not have a general partner and within a reasonable time following the dissolution no person has been appointed pursuant to subsection 3; or [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. The applicant establishes other good cause. [PL 2005, c. 543, Pt. C, §2 (NEW).]
Frequently Asked Questions About Maine § 1393.
What does Maine Revised Statutes § 1393. cover?
Section 1393. ("Winding up") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 1393.?
A common citation format is "Maine Revised Statutes § 1393." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 1393. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.