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

48. Liquidation or dissolution of foreign limited liability partnerships in place of incorporation, establishment or origin

(1) if a foreign limited liability partnership goes into liquidation or is dissolved in its place of incorporation, establishment or origin, the foreign limited liability partnership shall, within one month after the commencement of the liquidation or the dissolution or within such further period as the Registrar in special circumstances allows, lodged or cause to be lodged with the Registrar-

   (a) a notice of such liquidation or dissolution;

   (b) where a foreign liquidator is appointed to the foreign limited liability partnership in its place of incorporation, establishment or origin, a notice of such appointment; and

    (c) where an approved liquidator is appointed to the foreign limited liability partnership, a notice of such appointment.

(2) Upon receipt of the notice under paragraph (1)(a)-

   (a) where an approved liquidator has been appointed, the Registrar shall forthwith endorse the appointment; or

   (b) where an approved liquidator has not been appointed, the Registrar shall forthwith appoint an approved liquidator and until such time that an approved liquidator is appointed to the foreign limited liability partnership, the foreign liquidator referred to in subsection (1) shall have the powers and functions of an approved liquidator.

(3) if the foreign limited liability partnership fails to lodge the notice under paragraph (1)(thereafter, appoint an approved a), the Registrar may, at any time liquidator to the foreign limited liability partnership.

(4) Upon the endorsement of appointment or appointment of an approved liquidator under subsection (2), or appointment of an approved liquidator under subsection (3), the court shall be deemed to have ordered that the foreign limited liability partnership be wound-up.
 
(5) The approved liquidator shall get in all properties of the foreign limited liability partnership situate or recoverable in Malaysia and shall, in doing so, have all the powers of an approved liquidator of a company under the companies Act 1965.
 
(6) The approved liquidator shall advertise in one widely circulated newspaper in the national language and one widely circulated newspaper in the English language inviting all creditors to make their claims to the foreign limited liability partnership within a period of not less than thirty days from the date of the advertisement.
 
(7) Before paying or transferring to a foreign liquidator referred to under subsection (1) any properties got in within Malaysia, liquidator shall make payments in the following the approved order:
 
    (a) firstly, the remuneration of the approved liquidator;
 
    (b) secondly, all penalties, costs, fees and charges due and owing to the Registrar;
 
    (c) thirdly, all wages and salary of any employee of the foreign limited liability partnership, at the time of liquidator, a sum not the appointment of the approved exceeding fifteen thousand ringgit;
 
     (d) fourthly, all amount in respect of workers' compensation, employees' superannuation or provident fund scheme, or social security contribution under any written law relating to workers' compensation, employees' superannuation or provident fund scheme, or social security contribution accrued before the appointment of the approved liquidator;
 
     (e) fifthly, all remuneration payable to any employee in respect of vacation leave, or in the case of his death to any other person in his right, accrued in respect of any approved liquidator; period before the appointment of the and
 
     (f) sixthly, the amount due of all federal taxes assessed under any written law, and such penalties, costs, fees, charges, taxes and debts shall be a charge upon the properties of the foreign limited liability partnership in priority to all other charges and claims whatsoever.
 
(8) The foreign limited liability partnership shall be deemed to continue to exist in Malaysia until the winding-up of its affairs in Malaysia is completed.
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