Malaysia legislation
Section 27
of LABUAN LIMITED PARTNERSHIPS AND LIMITED LIABILITY PARTNERSHIPS ACT 2010
Section 27
(a)
the Labuan limited partnership is being conducted in a manner contrary to the terms of the partnership agreement of the Labuan limited partnership;
(b)
the Labuan limited partnership is being conducted in a manner oppressive to one or more of the limited partners;
or
(c)
circumstances have arisen which render it just and equitable that the Labuan limited partnership be dissolved.
(2)
Where an order is made under subsection (1), the court may give such directions as it thinks fit as to the winding-up of the Labuan limited partnership.
Labuan Limited Partnerships and Limited
Liability Partnerships 33
(3)
Where a Labuan limited partnership has been dissolved under this section, the partner making the application shall cause the order of the court to be served on the Authority within thirty days after the making of the order and the Authority may thereupon cancel the registration of the Labuan limited partnership.
(4)
If the order of the court is not served on the Authority as required under subsection (3), the partner referred to in that subsection commits an offence and shall, on conviction, be liable to a fine not exceeding ten thousand ringgit.
Settling accounts on dissolution