Limited Liability Partnerships Act 2012 · Updated to 1 Aug 2022 · Part VII · Winding-Up, Dissolution and Striking-Off
Section 54
Feedback & supportNotwithstanding any written law to the contrary, where a limited liability partnership has been dissolved under section 49, 50 or 51 and there remains any outstanding property which was vested in the limited liability partnership or to which it was entitled or over which it had a disposing power at the time it was so dissolved but which was not got in, realized upon or otherwise disposed of or dealt with by the limited liability partnership or its approved liquidator, the property shall be vested in the Registrar for all the estate and interest therein, legal or equitable, at the date the limited liability partnership was dissolved together with all claims, rights and remedies thereof.
limited liability partnership
“limited liability partnership” means a limited liability partnership registered under section 11 or a foreign limited liability partnership registered under section 45;
Where any claim, right or remedy of the approved liquidator may under this Act be made, exercised or availed of only with the approval or concurrence of the Court or some other person, the
approved liquidator
“approved liquidator” has the meaning assigned to it in the *Companies Act 1965 and includes the Director General of *NOTE—The Companies Act 1965 has been repealed by the Companies Act 2016 w.e.f 31 January 2017―see subsection 620(1)…
Registrar may, for the purposes of this section, make, exercise or avail himself of that claim, right or remedy without such approval or concurrence.
Registrar
“Registrar” means the Registrar designated under subsection 20A (1) of the Companies Commission of Malaysia Act 2001.
The Minister may, by regulations, prescribe the manner in which the Registrar may deal with the property vested under subsection (1) including the manner the property is to be sold or otherwise disposed of, the defrayment of incidental costs incurred and the commission to be remunerated to the Registrar.
Minister
“Minister” means the Minister charged with the responsibility for domestic trade;
The moneys received by the Registrar in selling or otherwise disposing the property shall be applied in defraying all costs, expenses, commission and fees incidental thereto and thereafter the surplus, if any, shall be dealt with as if they were unclaimed moneys under the laws relating to unclaimed moneys.
property
“property”, in relation to a limited liability partnership, includes land, money, goods, chose in action, goodwill, and every valuable thing, whether corporeal or incorporeal, movable or immovable, and whether situated in Malaysia or elsewhere and also includes obligations, servitudes, and every description of estate, interest and profit, present or future, vested or contingent, arising out of or incident to the property;
Limited Liability Partnerships 51