Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 s 62
Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 s 62
s 62 Bankruptcy of a partner
If a partner of a Labuan limited liability partnership is adjudicated a bankrupt—
(a) his bankruptcy shall not by itself cause him to cease being a partner of the Labuan limited liability partnership; and
(b) the Director General of Insolvency or any other person in a similar capacity, or trustee of the estate of the bankrupt partner shall not interfere in the management of the Labuan limited liability partnership but shall be entitled to receive distribution from the Labuan limited liability partnership that the bankrupt partner is entitled to receive under the partnership agreement.
Malay text (authoritative)
Kebankrapan pekongsi
Jika seseorang pekongsi sesuatu perkongsian liabiliti terhad Labuan dihukum bankrap—
(a) kebankrapannya tidak akan dengan sendirinya menyebabkan pekongsi itu terhenti menjadi seorang pekongsi perkongsian liabiliti terhad Labuan itu; dan
(b) Ketua Pengarah Insolvensi atau mana-mana orang lain atas sifat yang serupa, atau pemegang amanah estet pekongsi bankrap itu tidak boleh campur tangan dalam pengurusan perkongsian liabiliti terhad Labuan itu tetapi berhak untuk menerima pembahagian daripada perkongsian liabiliti terhad Labuan itu yang berhak diterima oleh pekongsi bankrap itu di bawah perjanjian perkongsian.
Text as at 1 July 2023 (LOM reprint); amendments made after that date may not be incorporated.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
