If i remember right it doesn't reset party if u demolish/cata townhall. u can reset it only by re chieffin and then u can keep it as big party
if the village was zeroed you can
I am pretty sure that I chiefed villages even from other players and the parties were still running, but maybe I'm confusing it with Legends. However, if you destroy your village, the party is definitely gone aswell. xD
Well you can't chief from all allies, but if i throw feast you chief you can throw feast again and i chief it back i'd suspect i can throw another party.
But will prolly have to try this.