Press Releases

1. The Ministry of Finance is conducting a public consultation exercise to seek public comments on the draft Limited Liability Partnerships (LLPs) Bill 2004 which sets out the legal framework for LLPs in Singapore, as recommended by the Study Team on LLPs. MOF plans to table the draft Bill for First Reading in Parliament in the third quarter of 2004.

Background

2. On 5 April 2004, the Government announced its acceptance of all but one of the study team's recommendations on LLPs. A new legislation, namely the Limited Liability Partnerships Act, will be enacted to effect the recommendations from the study team.

3. The attached Bill will implement the study team's recommendations, covering areas such as the nature and registration requirements, the conversion process, the management and administration and finally the receivership and winding up of LLPs.

Public Consultation

4. MOF would like to invite interested parties to provide comments on the draft Limited Liability Partnership Bill 2004. A copy of the draft Bill can be downloaded from our website at http://www.mof.gov.sg. Respondents may send in their comments via email to MOF_LP_LLP@mof.gov.sg or via fax to 6337 4134. The Ministry would request that all comments be submitted by 21 June 2004. Thank you.

Annex: Draft Limited Liability Partnership Bill 2004

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MINISTRY OF FINANCE