In the event an LLP becomes insolvent, a partner’s liability should be limited to the amount of his capital contribution to the LLP subsisting at the time. However, if the partner (or a former partner) in the course of distribution knows…
Month: August 2017
Limited Liability Partnership Act 2012 And Legal Liability Of The Partners
Whilst LLP is a familiar feature in the UK, it was in December 2003 that SSM issued its initial Consultative Document (CD) proposing the introduction of the LLP as an alternative form of business vehicle for small businesses, start-ups and…
Legal Concepts Of Limited Liability Partnership (LLP)
A limited liability partnership can be incorporated in order to run a business that comprises of two or more partners. It is a type of partnership whereby certain or all partners have limited liabilities. It is different from a…
5 THINGS TO KNOW ABOUT MACC’S NEW PROPOSAL TO TACKLE FINANCIAL MISCONDUCT AMONG CIVIL SERVANTS
The Malaysian Anti Corruption Commission (MACC) has recently proposed the enforcement of ‘Misconduct for Civil Service Act’ to regulate civil servants, who through their acts or omission have caused substantial financial losses to the government. The MACC has proposed that such…
Organ Donation Transplantation And Its Position In the UK
Organ donation and transplantation involve those who have consented towards donating their organs most commonly for the purposes of saving another’s life through transplantation. The National Health Service (NHS) reports between the 1st of April 2013 and 31st March 2014,…
5 Important Facts to Know About the Importance of Legal Correspondences
Many agreements these days are tied up by a series of legal correspondences (instead of a contract). The contents of letters, i.e. stating relevant important terms & conditions intended to be committed by parties and if they are signed by…
Matrimonial Matters: 5 Things You Need To Know As A Spouse
In a Malaysian context, few things to note: 1. Those news articles that one reads about equal 50% distribution to the wife spouse in foreign countries, won’t apply in Malaysia. 2. Malaysia family law generally recognises ‘direct’ financial contribution to…
5 Things To Know Before You Sign A Tenancy Agreement As Tenant
Whenever you signed a tenancy agreement with a landlord, watch out for the some tricky clauses that may appear hidden and they are, 1st, watch out for the word ‘fixed term’ as this could mean that you aren’t able to…
How does the Solicitors’ Remuneration (Amendment) Order 2017 (SRAO) affect property related legal fees.
The SRAO makes several important changes to the Solicitors’ Remuneration Order 2005 which establishes the amount of fees to be paid to a lawyer for handling a property transaction.This includes sales and purchase transaction, which is mostly developers transaction and…
The Huge Wave Of Change That Transformed Malaysia’s Company Act
The Companies Act 2016 received Royal Assent on 31.8.2016 come into effect on 31 January 2017.With the introduction of this New Companies Act, shareholders have now been given a vital role in managing the company’s business despite company having its…
Purchasing Properties In Penang, Is It Still As Easy As It Used To Be?
To prevent the adverse effects of a property bubble and to attract genuine buyers rather than speculators,the Penang State Government has come out with their latest ruling in which come into effect on 1 February 2014, of imposing a 3% levy…