Penalty for LLP noncompliance updated: continuing defaults attract daily fines and expanded definitions; amalgamation with company barred. The amendment prescribes that, for default under section 62(3), a limited liability partnership and every designated partner are subject to an initial penalty and, for continuing default, additional daily penalties up to separate maximum caps for the LLP and for each designated partner. The Explanation expands definitions: 'property' includes rights and powers of every description; 'liabilities' includes duties of every description; and a limited liability partnership shall not be amalgamated with a company.
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Provisions expressly mentioned in the judgment/order text.
Penalty for LLP noncompliance updated: continuing defaults attract daily fines and expanded definitions; amalgamation with company barred.
The amendment prescribes that, for default under section 62(3), a limited liability partnership and every designated partner are subject to an initial penalty and, for continuing default, additional daily penalties up to separate maximum caps for the LLP and for each designated partner. The Explanation expands definitions: "property" includes rights and powers of every description; "liabilities" includes duties of every description; and a limited liability partnership shall not be amalgamated with a company.
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