Section 62 - Provisions for facilitating reconstruction or amalgamation of limited liability partnerships

LLP reconstruction provisions permit tribunal-ordered transfer and vesting of assets and liabilities to a transferee LLP.

Section 62 empowers the Tribunal, on sanctioning a compromise or arrangement under section 60, to provide for transfer to a transferee LLP of the whole or any part of a transferor LLP's undertaking, property or liabilities; continuation of pending proceedings by or against the transferee LLP; dissolution without winding up of a transferor LLP; arrangements for dissenters; and incidental matters. Orders operate to transfer and vest property and liabilities in the transferee LLP, may free property from charges, and require filing a certified copy with the Registrar within thirty days, noncompliance attracting prescribed penalties.