(1) The limited partner is directly liable to the creditors of the partnership up to the amount of contribution for which they are liable towards third parties; such liability is excluded to the extent that the contribution has been made.
(2) Where insolvency proceedings have been opened in respect of the assets of the partnership, the rights of the partnership’s creditors pursuant to subsection (1) will be exercised by the insolvency administrator or the insolvency monitor during the course of the proceedings.