Section 25
of Limited Liability Partnerships Order, 2010
Section 25
(1)
Every limited liability partnership shall lodge with the Registrar a declaration by one of its managers that in that, manager’s opinion, the partnership either –
(a)
appears at the date of the declaration to be able to pay its debts as they become due in the normal course of business; or
(b)
does not appear at the date of the declaration to be able to pay its debts as they become due in the normal course of business.
(2)
The declaration shall be lodged not later than 15 months after the registration of the limited liability partnership and subsequently once in every calendar year at intervals of not more than 15 months.
(3)
Notwithstanding subsection (2), the Registrar may, on application by a limited liability partnership grant an extension of time for the lodging of the declaration.
(4)
If a limited liability partnership fails to lodge a declaration within the time or extended time referred to in subsections (2) and (3) –
Incorporating amendments until S 1/2016
(Cleancopy) NANI/Amiriah/fiqah/Karimah_as of 24th June2019
17
BLUV as at 14th January 2016
(a)
the partnership is guilty of an offence and liable on conviction to a fine not exceeding $5,000; and
(b)
paragraph 3(2)(d) of the Fourth Schedule shall apply.
(5)
A manager who makes a declaration referred to in subsection (1)(a) without having reasonable grounds for his opinion is guilty of an offence and liable on conviction –
(a)
where the manager is an individual, to a fine not exceeding $5,000, imprisonment for a term not exceeding one year or both;
(b)
in any other case, to a fine not exceeding $5,000.
(6)
Any person who, in connection with a declaration made under this section, makes a statement or furnishes information (whether directly or indirectly) to a manager that is false or misleading in a material particular, when he knows or ought reasonably to have known that the statement or information is false or misleading in a material particular, is guilty of an offence and liable on conviction –
(a)
where that person is an individual, to a fine not exceeding $10,000, imprisonment for a term not exceeding 2 years or both;
(b)
in any other case, to a fine not exceeding $10,000.
(7)
If an offence under this section is committed with intent to defraud creditors of the limited liability partnership or for any other fraudulent purpose, the offender is liable on conviction –
(a)
where he is an individual, to a fine not exceeding $15,000, imprisonment for a term not exceeding 3 years or both;
(b)
in any other case, to a fine not exceeding $15,000.
Accounts.