Conversion to limited liability partnership transfers company assets and liabilities, continuing contracts, proceedings and employment. Conversion transfers the company's undertaking, assets, rights, liabilities and obligations to the LLP; eligibility requires no subsisting security interest and that all shareholders become the LLP's partners. The Registrar, on satisfactory filings, issues a certificate of registration; from the date specified the LLP is registered, the company is deemed dissolved, and all property, contracts, proceedings, appointments, licences and employment continue and vest in the LLP without further assurance. The LLP must notify the former Registrar and display a prescribed conversion notice in official correspondence, non-compliance attracting fines.
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 company assets and liabilities, continuing contracts, proceedings and employment.
Conversion transfers the company's undertaking, assets, rights, liabilities and obligations to the LLP; eligibility requires no subsisting security interest and that all shareholders become the LLP's partners. The Registrar, on satisfactory filings, issues a certificate of registration; from the date specified the LLP is registered, the company is deemed dissolved, and all property, contracts, proceedings, appointments, licences and employment continue and vest in the LLP without further assurance. The LLP must notify the former Registrar and display a prescribed conversion notice in official correspondence, non-compliance attracting fines.
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