The General Partner's Inability to Perform His Functions - SLP XXI - #341-330*

As mentioned previously, the general partner (GP - associé commandité) is an indispensable part of the partnership agreement of the special limited partnership (SLP - société en commandite spéciale) - the same applies to the common limited partnership (CLP - société en commandite simple).

Indeed, it is the GP(s) who is/are liable for the partnership's commitments indefinitely, jointly and severally.

Thus - and if the GP is a sole GP - it is important to consider the possibility of :

• his death;

• its dissolution (for legal person);

• legal incapacity;

• dismissal from office;

• resignation; 

• impediment; 

• bankruptcy; or

• any other situation affecting the rights of creditors.

 If the partnership agreement stipulates that the SLP (or CLP for that matter) continues, the GP must necessarily be replaced. But what if there are no specific provisions in the partnership agreement in this regard? A provisional administrator (administrateur provisoire) shall be appointed.

Going further : Article 320-8 of the law of 10 August 1915 on commercial companies as amended ;  #321-310* What Is a Special Limited Partnership (Société en Commandite Spéciale), January 14, 2021, Bertrand Mariaux Avocats.

*Podcast #341

*YouTube Video 330* 

Bertrand Mariaux, Avocat à la Cour, LL.M. (hons.)

Prestation de serment (Swearing-in oath): Luxembourg (2011), Certificat d’Aptitude à la Profession d’Avocat, École de Formation professionnelle des Barreaux de la Cour d’appel de Paris (2009), Bond University (LL.M. (distinct.), International Legal Practice, 2010), Université Sorbonne Paris Nord & University of Limerick (Master in European & International Law - major in economics, 2008), certified Expert in Microfinance (Frankfurt School of Finance & Management, 2015), social entrepreneurship (University of Oxford, 2015 & The Wharton School of Social Policy & Practice, 2014) and social & solidarity economy (International Labour Organization Academy - Social & Solidarity Economy, Organisation Internationale du Travail - Économie Sociale et Solidaire, 2017)
Contributor: Cédric Buisine, Avocat