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 49. Receivership and winding-up by the court

(1) subject to sections 47 and 48-

     (a) in the case of receivership of a limited liability partnership, the provisions of Part Viii (in so far as they relate to a company limited by shares) of the companies Act 1965 shall apply; and

     (b) in the case of winding-up of a limited liability partnership by the court, the provisions of Divisions 2 and 4 of Part X (in so far as they relate to a company limited by shares) of the companies Act 1965 and the companies (Winding-up) Rules 1972[P.U. (a) 289/1972] shall apply.

(2) The application of Part Viii and Divisions 2 and 4 of Part X (in so far as they relate to a company limited by shares) of the companies Act 1965, and the companies (Winding-up) Rules 1972 under subsection (1) shall be subject to such modifications and adaptations as may be necessary, and in particular the following modifications:

     (a) references to a "company" shall be taken as references to a limited liability partnership;

     (b) references to a "director" or to a "member" of a company shall be taken as references to a partner of a limited liability partnership;

     (c) references to the "memorandum" and "articles of a company" shall be taken as references to the partnership agreement of a limited liability partnership;

     (d) references to a "resolution" of a company shall be taken as references to a determination or decision of a limited liability partnership; and

     (e) references to "shares" of any member of a company shall be taken as references to the interest of any partner of a limited liability partnership.

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