Common use of Liquidation Report Clause in Contracts

Liquidation Report. Upon the dissolution of the Partnership, accountants for the Partnership chosen by the General Partner shall promptly prepare, and the liquidator shall furnish to each Partner, a statement setting forth the assets and liabilities of the Partnership upon its dissolution. Promptly following the complete liquidation and distribution of the Partnership assets, there shall be prepared, and the liquidator shall furnish to each Partner, a statement showing the manner in which the Partnership assets were liquidated and distributed.