Conversion into limited liability partnership transfers all company assets and liabilities to the LLP upon statutory registration. Conversion permits an unlisted public company with no subsisting security interest to become a limited liability partnership if the partners of the LLP are exactly the company's shareholders; the company must file prescribed shareholder statements and incorporation documents, the Registrar may verify or refuse registration with right of appeal, and on registration all assets, rights, liabilities and the company's undertaking vest in the LLP without further assurance while the company is deemed dissolved.