Malaysia legislation
Section 28
of LABUAN LIMITED PARTNERSHIPS AND LIMITED LIABILITY PARTNERSHIPS ACT 2010
Section 28
Where accounts are settled after the dissolution of a Labuan limited partnership, the liabilities of the partnership to creditors shall be paid first, and then tax liabilities due to the Government, and then, subject to the partnership agreement or to a subsequent agreement, the other liabilities of the partnership shall be paid in the following order:
(a)
to general partners other than for capital and profits;
(b)
to limited partners in respect of the capital of their contributions;
(c)
to limited partners in respect of their share of the profits;
(d)
to general partners in respect of their contributions; and
(e)
to general partners in respect of their share of profits.