Vesting of assets of the private company into the LLP;
Effects of Conversion into a LLP
All assets previously owned by the conventional partnership/Sdn Bhd will be transferred to LLP.
All proceedings by or against conventional partnership and private company may be continued, completed and enforced against or by the LLP.
Continuance of conviction, ruling, order or judgement
Any conviction, ruling, order or judgement in favour or against conventional partnership and private company may be enforced by or against the LLP.
Existing agreements and contracts
Existing agreements or contracts shall have effect as though the LLP were a party.
Liability and Obligations
In the case of conversion from conventional partnership, partners of conventional partnership shall personally liable (joint and severally with LLP) for all liabilities and obligations incurred before to the conversion.
In the event of a conversion of a private company, the LLP remains responsible for all liabilities and obligations that arose prior to the conversion.