Singapore legislation

Section 16

of Limited Liability Partnerships Act 2005

Section 16

Bankruptcy of partner

Unless otherwise provided in the limited liability partnership agreement, if a partner of a limited liability partnership is adjudicated a bankrupt by a court in Singapore or elsewhere —

(a)

the bankruptcy does not by itself cause the bankrupt partner to cease being a partner of the limited liability partnership, but the restriction on the bankrupt partner being a manager of the limited liability partnership under section 58 applies; and

(b)

the Official Assignee or trustee of the estate of the bankrupt partner must not interfere in the management of the limited liability partnership but is entitled to receive distributions from the limited liability partnership that the bankrupt partner is entitled to receive under the limited liability partnership agreement.[12

Read in full context — Limited Liability Partnerships Act 2005 →