Malaysia legislation
Section 54
of LABUAN LIMITED PARTNERSHIPS AND LIMITED LIABILITY PARTNERSHIPS ACT 2010
Section 54
(a)
a notice of such liquidation or dissolution; and
(b)
when a foreign liquidator is appointed to such recognized limited liability in its place of incorporation, establishment or origin, a notice of such appointment.
(2)
Upon receipt of the notice in paragraph (1)(a), the Authority shall forthwith appoint an approved liquidator and until such time that an approved liquidator is appointed to the recognized limited liability partnership, the foreign liquidator referred to in subsection (1) shall have the powers and functions of an approved liquidator.
(3)
If the recognized limited liability partnership fails to file the notice under paragraph (1)(a), the Authority may, at any time thereafter, appoint an approved liquidator to the recognized limited liability partnership.
Act 707
(4)
Upon the appointment of an approved liquidator under subsection (2) or (3), the court shall be deemed to have ordered that the recognized limited liability partnership be wound up.
(5)
The approved liquidator shall get in all the properties of the recognized limited liability partnership situate or recoverable in
Labuan and shall, in so doing, have all the powers of an approved liquidator of a Labuan company under the Labuan Companies Act 1990.
(6)
Before paying or transferring to a foreign liquidator referred to in subsection (1) any of the properties got in within Labuan, the approved liquidator shall—
(a)
pay to the Authority all penalties, costs, fees and charges due and owing;
(b)
pay the amount of all taxes payable under the Labuan
Business Activity Tax Act 1990 [Act 445]; and
(c)
pay to any resident to whom, at the time of the appointment of the approved liquidator in Labuan, any debt incurred bona fide by a recognized limited liability partnership in respect of supply of services to or for the recognized limited liability partnership is due, the amount of such debt, and such penalties, costs, fees, charges, taxes and debts shall be a charge upon the properties of the recognized limited liability partnership ranking after the costs of the approved liquidator but in priority to all other charges and claims whatsoever.
(7)
The recognized limited liability partnership shall be deemed to continue to exist in Labuan until the winding-up of its affairs in Labuan is completed.
Labuan Limited Partnerships and Limited
Liability Partnerships 49