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25. Bankruptcy of partner

(1) if a partner of a limited liability partnership is adjudicated a bankrupt-

(a) his bankruptcy shall not by itself cause him to cease being a partner of the limited liability partnership;

(b) the Director General of insolvency or trustee of the estate of the bankrupt partner shall be entitled to receive distribution from the limited liability partnership which the bankrupt partner is entitled to receive under the limited liability partnership agreement; and

(c) the bankrupt partner, the Director General of insolvency or trustee of the estate of the bankrupt partner shall not interfere in the management of the limited liability partnership.

(2) Notwithstanding paragraph (1)(c), a bankrupt partner may take part in the management of the limited liability partnership- (a) with the leave of the Director General of insolvency; or

(b) with the leave of the court provided that a notice of intention to apply for leave has been served on the Director General of insolvency and the Director General of insolvency is heard on the application.

(3) A bankrupt partner who has been adjudicated bankrupt outside Malaysia shall not take part in the management of the limited liability partnership unless the leave of the court has been obtained.

(4) Any person who fails to comply with paragraph (1)(subsection (3) commits an offence and shall, on conviction, (c) or be liable to a fine not exceeding two hundred and fifty thousand ringgit or to imprisonment for a term not exceeding five years or to both.

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GST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.

Goods & Service Tax

Our core competence is statutory compliance, advisory, corporate tax planning and appellate matters of direct and indirect taxesandcorporate training sessions on GST.

The senior partner of the firm has to his credit several professional publications viz., Delhi Sales Tax Right to Use Goods Act, Delhi VAT, Maharashtra VAT, West Bengal VAT, Haryana VAT published by Taxmann. Madhya Pradesh VAT and Chhattisgarh VAT were published by Suvidha Law House, Bhopal. He has also addressed seminars on indirect taxes organized by professional bodies like ICAI, IMA, NIFM etc. and has also contributed articles on subjects of pro. . . . .