Limited Liability Partnerships Act 2005 · 2020 Revised Edition · Part 2 · Nature of Limited Liability Partnership
16. Bankruptcy of partner
Feedback & supportUnless 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 —
limited liability partnership agreement
“limited liability partnership agreement”, in relation to a limited liability partnership, means any agreement expressed or implied between the partners of the limited liability partnership or between the limited liability partnership and its partners which determines the mutual rights and duties of the partners and their rights and duties in relation to the limited liability partnership;
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
partner
“partner”, in relation to a limited liability partnership, means any person who has been admitted as a partner in the limited liability partnership in accordance with the limited liability partnership agreement;
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
limited liability partnership
“limited liability partnership” has the meaning given by section 4(1);