Illinois Compiled Statutes
805 ILCS 206/803 (2026)
Right to wind up partnership business
✓ current as of May 2026
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(805 ILCS 206/803)
Sec. 803.
Right to wind up partnership business.
(a) After dissolution, a partner who has not wrongfully dissociated may
participate in winding
up the partnership's business, but on application of any partner, partner's
legal representative, or
transferee, the appropriate court, for good cause shown, may order judicial
supervision of the
winding up.
(b) The legal representative of the last surviving partner may wind up a
partnership's
business.
(c) A person winding up a partnership's business may preserve the
partnership business or
property as a going concern for a reasonable time, prosecute and defend actions
and proceedings,
whether civil, criminal, or administrative, settle and close the partnership's
business, dispose of
and transfer the partnership's property, discharge the partnership's
liabilities, distribute the assets
of the partnership pursuant to Section 807, settle disputes by mediation or
arbitration, and
perform other necessary acts.
(Source: P.A. 92-740, eff. 1-1-03.)
Notes of Decisions
Cited in 2
cases, 2017–2017 · leading case: Palmer v. Mellen, 2017 IL App (3d) 160022 (Ill. App. Ct. 2017).
Palmer v. Mellen, 2017 IL App (3d) 160022 (Ill. App. Ct. 2017). “805 ILCS 206/803(a) (West 2014). In this case, the trial court found that good cause had been shown for judicial supervision and ordered that the partnership property be sold at public auction by Gorsuch-Hensley Real Estate and Auction.”
Palmer v. Mellen, 2017 IL App (3d) 160022 (Ill. App. Ct. 2017). “805 ILCS 206/803(a) (West 2014). In this case, the trial court found that good cause had been shown for judicial supervision and ordered that the partnership property be sold at public auction by Gorsuch-Hensley Real Estate and Auction.”
— 805 ILCS 206/803(a) — 2 cases
Palmer v. Mellen, 2017 IL App (3d) 160022 (Ill. App. Ct. 2017). “805 ILCS 206/803(a) (West 2014). In this case, the trial court found that good cause had been shown for judicial supervision and ordered that the partnership property be sold at public auction by Gorsuch-Hensley Real Estate and Auction.”
Palmer v. Mellen, 2017 IL App (3d) 160022 (Ill. App. Ct. 2017). “805 ILCS 206/803(a) (West 2014). In this case, the trial court found that good cause had been shown for judicial supervision and ordered that the partnership property be sold at public auction by Gorsuch-Hensley Real Estate and Auction.”
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