Section 1
(2)
This Act comes into operation on a date to be appointed by the Minister by notification in the Gazette.
Amendment of section 2
/akn/my/act/amendment_act/2015/A1477
LIMITED LIABILITY PARTNERSHIPS (AMENDMENT) ACT 2015
The full official text, structured for quick navigation. Copy any provision or jump straight to a section.
- Type
- Amendment Act
- Status
- In force
- Enacted
- 2015
- Sections
- 8
- Languages
- MS · EN
Quick answer
About this amendment act
LIMITED LIABILITY PARTNERSHIPS (AMENDMENT) ACT 2015 is Malaysia Amendment Act, cited as Amendment Act A1477 2015, currently marked in force and first recorded in 2015.
Opening note
Preamble
- An Act to amend the Limited Liability Partnerships Act 2012. [ ] ENACTED by the Parliament of Malaysia as follows: Short title and commencement
Section 2
The Limited Liability Partnerships Act 2012 [Act 743], which is referred to as the “principal Act” in this Act, is amended in section 2 by substituting for the definition of “Registrar” the following definition:
‘ “Registrar” means the Registrar designated under subsection 20a(1) of the Companies Commission of Malaysia Act 2001.’.
limited liability partnership (amendment)
act 2015
Section 3
Deletion of section 5
The principal Act is amended by deleting section 5.
Section 4
Substitution of section 48
The principal Act is amended by substituting for section 48
the following section:
“Liquidation or dissolution of foreign limited liability partnerships in place of incorporation, establishment or origin
Quoted provision
Section 48
(b)
where a foreign liquidator is appointed to the foreign limited liability partnership in its place of incorporation, establishment or origin, a notice of such appointment.
(2)
A foreign liquidator appointed under paragraph (1)(b)
shall have the powers and functions of an approved liquidator until an approved liquidator for the foreign limited liability partnership in Malaysia is duly appointed by the Court.
(3)
An approved liquidator of a foreign limited liability partnership in Malaysia appointed by the Court or a person exercising the powers and functions of such a liquidator—
(a)
shall, before any distribution of the assets of the foreign limited liability partnership is made, by advertisement in a newspaper widely circulated in each country where the foreign limited liability partnership had
Limited Liability Partnerships (Amendment)
5
been carrying on business prior to the liquidation if no liquidator has been appointed for that place, invite all creditors to make their claims against the foreign limited liability partnership within a reasonable time before the distribution;
(b)
shall not pay out any creditor to the exclusion of any other creditor of the foreign limited liability partnership without obtaining an order of the Court except as otherwise provided in subsection (7); and
(i)
only recover and realize the assets of the foreign limited liability partnership in Malaysia; and
(ii)
subject to subsection (7), pay the net amount so recovered and realized to the liquidator of that foreign limited liability partnership for the place where it was formed or incorporated after paying any debts and satisfying any liabilities incurred in Malaysia by the foreign limited liability partnership.
(4)
Where a foreign limited liability partnership has been wound up, so far as its assets in Malaysia are concerned and there is no liquidator for the place of its incorporation or origin, the liquidator may apply to the Court for directions as to the disposal of the net amount recovered pursuant to subsection (3).
(5)
Upon receipt of a notice from a compliance officer that the foreign limited liability partnership has been dissolved, the Registrar shall remove the name of the foreign limited liability partnership from the register.
(6)
Where the Registrar has reasonable cause to believe that a foreign limited liability partnership has ceased to carry on business or to have a place of business in Malaysia, the provisions of this Act relating to striking off under section 51
shall apply accordingly with such modifications as are necessary.
(7)
Before paying or transferring any property available within Malaysia to the foreign liquidator referred to in subsection (1), the approved liquidator for the foreign limited liability partnership in Malaysia shall make payments in the following order:
(a)
firstly, the remuneration of the approved liquidator for the foreign limited liability partnership in Malaysia;
(b)
secondly, all penalties, costs, fees and charges due and owing to the Registrar;
(c)
thirdly, all wages and salary of any employee of the foreign limited liability partnership, at the time of the appointment of the approved liquidator, a sum not exceeding fifteen thousand ringgit;
(d)
fourthly, all amount in respect of workers’ compensation, employees’ superannuation or provident fund scheme, or social security contribution under any written law relating to workers’ compensation, employees’
superannuation or provident fund scheme, or social security contribution accrued before the appointment of the approved liquidator;
(e)
fifthly, all remuneration payable to any employee in respect of vacation leave or in the case of his death to any other person in his right, accrued in respect of any period before the appointment of the approved liquidator; and
(8)
The penalties, costs, fees, charges, taxes and debts referred to in subsection (7) shall be a charge upon the properties of the foreign limited liability partnership in priority to all other charges and claims.
(9)
The foreign limited liability partnership shall be deemed to continue to exist in Malaysia until the winding up of its affairs in Malaysia is completed.”.
Limited Liability Partnerships (Amendment)
7
Deletion of Part Viii, and sections 77, 78, 82, 83, 84, 85, 87,
88 and 89
Section 5
The principal Act is amended by deleting Part Viii, and sections 77, 78, 82, 83, 84, 85, 87, 88 and 89.
Section 6
Amendment of section 91
The principal Act is amended in section 91 by deleting paragraph (1)(a).
Section 7
Saving and transitional
(2)
Any provision in the subsidiary legislation made under the deleted paragraph 91(1)(a) of the principal Act shall remain in operation until revoked or replaced by the subsidiary legislation made under the Companies Commission of Malaysia Act 2001
[Act 614].
KUALA LUMPUR
Common questions
- What is AKTA PERKONGSIAN LIABILITI TERHAD (PINDAAN) 2015?
- LIMITED LIABILITY PARTNERSHIPS (AMENDMENT) ACT 2015 is Malaysia Amendment Act, cited as Amendment Act A1477 2015, currently marked in force and first recorded in 2015.
- Is AKTA PERKONGSIAN LIABILITI TERHAD (PINDAAN) 2015 still in force?
- Yes — AKTA PERKONGSIAN LIABILITI TERHAD (PINDAAN) 2015 is currently in force.
- When did AKTA PERKONGSIAN LIABILITI TERHAD (PINDAAN) 2015 take effect?
- AKTA PERKONGSIAN LIABILITI TERHAD (PINDAAN) 2015 was first recorded in 2015.
- How many sections does AKTA PERKONGSIAN LIABILITI TERHAD (PINDAAN) 2015 have?
- AKTA PERKONGSIAN LIABILITI TERHAD (PINDAAN) 2015 contains 8 sections.
- Where can I read the official version of AKTA PERKONGSIAN LIABILITI TERHAD (PINDAAN) 2015?
- The official text of AKTA PERKONGSIAN LIABILITI TERHAD (PINDAAN) 2015 is published at lom.agc.gov.my.