Section 25
Dissolution of Labuan limited partnership
of Labuan Limited Partnerships and Limited Liability Partnerships Act 2010
ActIn forceProvision 25 of 91
Section 25
(1)
In the event of the dissolution of a Labuan limited partnership, its affairs shall be wound up by the general partners unless the activities of the Labuan limited partnership are taken over and continued in accordance with subsection 26(2) or unless the court otherwise directs under subsection 27(2).
(2)
If the affairs of the Labuan limited partnership are not wound up by the general partners after its dissolution, each of the general partners commits an offence and shall, on conviction, be liable to a fine not exceeding ten thousand ringgit.