← Labuan Limited Partnerships and Limited Liability Partnerships Act 2010

Labuan Limited Partnerships and Limited Liability Partnerships Act 2010 s 68

s 68 Alternative procedure for voluntary winding-up of Labuan limited liability partnership

(1) Where a Labuan limited liability partnership has ceased to operate and has discharged all its debts and liabilities, a partner of the Labuan limited liability partnership may, after giving notice in accordance with subsection (3), apply to the Authority, for a declaration of dissolution of the Labuan limited liability partnership. (2) An application for a declaration of dissolution under subsection (1) shall be in writing and shall be accompanied by— (a) an affidavit made by the designated partner of the Labuan limited liability partnership stating— (i) that the Labuan limited liability partnership has ceased to operate and has discharged all its debts and liabilities, other than those owed to its partners; and (ii) that the notice required by subsection (3) has been given in accordance with that subsection and the date on which the last of such notice was published or posted, as the case may be; and (b) a copy of the notice given under subsection (3). (3) Before making an application to the Authority under subsection (2), the applicant shall ensure that a notice to the effect that the applicant proposes to apply to the Authority for a declaration of dissolution of the Labuan limited liability partnership— (a) has been published in at least one widely circulated Malaysian newspaper and one international financial newspaper in an advertisement; and (b) has been sent by registered post to each partner of the Labuan limited liability partnership at the partner’s last known address. (4) A written objection by a partner or creditor shall be made to the Authority within thirty days of the date of publication or posting of the notice, whichever is the later. (5) On receipt of a written objection to the dissolution of the Labuan limited liability partnership under subsection (4), the Authority shall forthwith notify the applicant for the declaration of dissolution of the receipt of the objection and of the identity of the objector. (6) The Authority may, by notice in writing, declare that the Labuan limited liability partnership is dissolved if— (a) no objection is received under subsection (4); (b) the partner or creditor, as the case may be, withdraws the objection made under subsection (4); or (c) the Authority decides that the objection made under subsection (4) is without justification. (7) Upon the declaration of dissolution of the Labuan limited liability partnership under subsection (6), the Authority shall notify the Labuan limited liability partnership that, subject to the partnership agreement of the Labuan limited liability partnership, it is entitled to distribute its surplus assets among its partners according to their respective rights and interests. (8) The Labuan limited liability partnership shall notify the Authority that its surplus assets have been distributed in accordance with subsection (7). (9) Notwithstanding the declaration of dissolution under subsection (6) and the distribution of assets under subsection (7)— (a) the liability, if any, of every partner of the Labuan limited liability partnership shall continue and may be enforced as if the Labuan limited liability partnership had not been dissolved; and (b) the High Court may wind-up the Labuan limited liability partnership according to Part X (in so far as they relate to a company limited by shares) of the *Companies Act 1965 and the Companies (Winding-Up) Rules 1972, as if it had not been dissolved, or its surplus assets had not been distributed, as the case may be. *NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016 [Act 777] which comes into operation on 31 January 2017—see subsection 620(1) of Act 777. *NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016 [Act 777] which comes into operation on 31 January 2017—see subsection 620(1) of Act 777.

Malay text (authoritative)

Tatacara alternatif bagi penggulungan secara sukarela perkongsian liabiliti terhad Labuan

(1) Jika sesuatu perkongsian liabiliti terhad Labuan telah terhenti beroperasi dan telah menunaikan semua hutang dan liabilitinya, seseorang pekongsi perkongsian liabiliti terhad Labuan itu boleh, selepas memberikan notis mengikut subseksyen (3), memohon kepada Lembaga, bagi suatu perisytiharan pembubaran perkongsian liabiliti terhad Labuan itu. (2) Sesuatu permohonan bagi perisytiharan pembubaran di bawah subseksyen (1) hendaklah secara bertulis dan hendaklah disertai dengan— (a) suatu afidavit yang dibuat oleh pekongsi ditetapkan perkongsian liabiliti terhad Labuan itu yang menyatakan— (i) bahawa perkongsian liabiliti terhad Labuan itu telah berhenti beroperasi dan telah menunaikan semua hutang dan liabilitinya, selain hutang dan liabiliti yang terhutang kepada pekongsinya; dan (ii) bahawa notis yang dikehendaki oleh subseksyen (3) telah diberikan mengikut subseksyen itu dan tarikh yang padanya notis itu terakhir disiarkan atau diposkan, mengikut mana-mana yang berkenaan; dan (b) suatu salinan notis yang diberikan di bawah subseksyen (3). (3) Sebelum membuat sesuatu permohonan kepada Lembaga di bawah subseksyen (2), pemohon hendaklah memastikan bahawa suatu notis yang membawa maksud bahawa pemohon itu bercadang untuk memohon kepada Lembaga bagi suatu perisytiharan pembubaran perkongsian liabiliti terhad Labuan— (a) telah disiarkan dalam sekurang-kurangnya satu surat khabar Malaysia yang diedarkan dengan meluas dan satu surat khabar kewangan antarabangsa dalam suatu iklan; dan (b) telah dihantar melalui pos berdaftar kepada setiap pekongsi perkongsian liabiliti terhad Labuan itu di alamat terakhir pekongsi itu yang diketahui. (4) Sesuatu bantahan bertulis oleh seseorang pekongsi atau pemiutang hendaklah dibuat kepada Lembaga dalam masa tiga puluh hari dari tarikh notis itu disiarkan atau diposkan, mengikut mana-mana yang terkemudian. (5) Apabila sesuatu bantahan bertulis terhadap pembubaran perkongsian liabiliti terhad Labuan itu diterima di bawah subseksyen (4), Lembaga hendaklah dengan serta-merta memberitahu pemohon bagi perisytiharan pembubaran itu tentang penerimaan bantahan itu dan identiti pembantah. (6) Lembaga boleh, dengan notis secara bertulis, mengisytiharkan bahawa perkongsian liabiliti terhad Labuan dibubarkan jika— (a) tiada bantahan diterima di bawah subseksyen (4); (b) pekongsi atau pemiutang, mengikut mana-mana yang berkenaan, menarik balik bantahan yang dibuat di bawah subseksyen (4); atau (c) Lembaga memutuskan bahawa bantahan yang dibuat di bawah subseksyen (4) itu tiada justifikasi. (7) Apabila pembubaran perkongsian liabiliti terhad Labuan di bawah subseksyen (6) diisytiharkan, Lembaga hendaklah memberitahu perkongsian liabiliti terhad Labuan itu bahawa, tertakluk pada perjanjian perkongsian bagi perkongsian liabiliti terhad Labuan itu, ia berhak untuk membahagikan aset lebihannya di kalangan pekongsi-pekongsinya mengikut hak dan kepentingan mereka masing-masing. (8) Perkongsian liabiliti terhad Labuan hendaklah memberitahu Lembaga bahawa aset lebihannya telah dibahagikan mengikut subseksyen (7). (9) Walau apa pun perisytiharan pembubaran di bawah subseksyen (6) dan pembahagian aset di bawah subseksyen (7)— (a) liabiliti, jika ada, bagi tiap-tiap pekongsi perkongsian liabiliti terhad Labuan hendaklah berterusan dan boleh dikuatkuasakan seolah-olah perkongsian liabiliti terhad Labuan itu tidak dibubarkan; dan (b) Mahkamah Tinggi boleh menggulungkan perkongsian liabiliti terhad Labuan itu mengikut Bahagian X (setakat yang peruntukan itu berhubungan dengan syarikat berhad menurut syer) *Akta Syarikat 1965 dan Kaedah-Kaedah Syarikat (Penggulungan) 1972, seolah-olah ia tidak dibubarkan, atau aset lebihan itu tidak dibahagikan, mengikut mana-mana yang berkenaan.

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Find Act 707 on lom.agc.gov.my ↗

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).

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