Conversion to limited liability partnership transfers company assets, liabilities and contracts to the LLP while preserving ongoing proceedings. An unlisted public company may convert into an LLP only if no security interest exists and the LLP's partners are solely the company's shareholders; upon Registrar-issued registration the company's entire undertaking, assets, rights, liabilities and obligations vest in the LLP without further assurance, the company is dissolved, existing contracts, proceedings, appointments and employment continue in the LLP's name, and prescribed notices, registrations and correspondence disclosures must be made, subject to Registrar verification and appeal against refusal.
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, liabilities and contracts to the LLP while preserving ongoing proceedings.
An unlisted public company may convert into an LLP only if no security interest exists and the LLP's partners are solely the company's shareholders; upon Registrar-issued registration the company's entire undertaking, assets, rights, liabilities and obligations vest in the LLP without further assurance, the company is dissolved, existing contracts, proceedings, appointments and employment continue in the LLP's name, and prescribed notices, registrations and correspondence disclosures must be made, subject to Registrar verification and appeal against refusal.
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