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What's New Important due dates for the month of September 2021     

25. Bankruptcy of partner

(1) if a partner of a limited liability partnership is adjudicated a bankrupt-

(a) his bankruptcy shall not by itself cause him to cease being a partner of the limited liability partnership;

(b) the Director General of insolvency or trustee of the estate of the bankrupt partner shall be entitled to receive distribution from the limited liability partnership which the bankrupt partner is entitled to receive under the limited liability partnership agreement; and

(c) the bankrupt partner, the Director General of insolvency or trustee of the estate of the bankrupt partner shall not interfere in the management of the limited liability partnership.

(2) Notwithstanding paragraph (1)(c), a bankrupt partner may take part in the management of the limited liability partnership- (a) with the leave of the Director General of insolvency; or

(b) with the leave of the court provided that a notice of intention to apply for leave has been served on the Director General of insolvency and the Director General of insolvency is heard on the application.
 
(3) A bankrupt partner who has been adjudicated bankrupt outside Malaysia shall not take part in the management of the limited liability partnership unless the leave of the court has been obtained.
 
(4) Any person who fails to comply with paragraph (1)(subsection (3) commits an offence and shall, on conviction, (c) or be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding five years or to both.
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