Virginia House Bill 1451 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 15 2008 - 25% progression, died in chamber
Action: 2008-02-12 - House: Left in Commerce and Labor

Limited partnerships; distributions of assets. Provides that, except as provided in the partnership agreement, upon the winding up of a limited partnership, its assets, after payment to creditors and to partners and former partners in satisfaction of certain liabilities, shall be distributed, when the winding up is due to an order of the State Corporation Commission, to partners respecting their partnership interests. If the winding up is due to another reason, the assets shall be distributed to partners first for the return of their contributions and secondly respecting their partnership interests, in the proportions in which the partners share in distributions. Currently, the distribution of such net assets is made to partners first for the return of their contributions and secondly respecting their partnership interests, without regard to what caused the winding up of the limited partnership.

Limited partnerships; distributions of assets.

Del. David Albo [R]

Date	Chamber	Action
2008-02-12		House: Left in Commerce and Labor
2008-01-15		House: Referred to Committee on Commerce and Labor
2008-01-15		House: Presented and ordered printed 088925404

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?081+sum+HB1451