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Whether or not a partnership share is subject to liquidation depends on whether or not the share has a market value - that is, whether or not the share can be sold - and if it can be sold, how much the share can be sold for.
If the share has no market value, it cannot be liquidated. If the share does have a market value, but the debtor has an available exemption to use to protect the share, then the share also cannot be sold.
Ok, the situation is that the person considering bankruptcy is the managing member of the LLC which is the general partner of a limited partnership (hedge fund). The assets of the hedge fund are based on stock prices on a given day and can be liquidated at any time.
The portion of the hedge fund assets that belong to the person who is considering filing a Bankruptcy would be subject to the Bankruptcy estate. This means that portion would be subject to liquidation - unless the Bankruptcy filer has an exemption or exemptions available to protect his portion of the hedge fund assets.