Conversion to limited liability partnership transfers firm assets and liabilities to the LLP, preserving contracts and proceedings. Conversion vests all firm property, assets, rights, liabilities and the whole undertaking in the LLP on registration, subject to the requirement that the LLP's partners are precisely the firm's partners and to prescribed filings with the Registrar; existing contracts, proceedings, licences and appointments continue as if the LLP were the original party, while partners remain personally liable for pre conversion liabilities and may be indemnified by the LLP.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Conversion to limited liability partnership transfers firm assets and liabilities to the LLP, preserving contracts and proceedings.
Conversion vests all firm property, assets, rights, liabilities and the whole undertaking in the LLP on registration, subject to the requirement that the LLP's partners are precisely the firm's partners and to prescribed filings with the Registrar; existing contracts, proceedings, licences and appointments continue as if the LLP were the original party, while partners remain personally liable for pre conversion liabilities and may be indemnified by the LLP.
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