Settlement of claims against limited liability company

(1) At any time within 60 days prior to re-domiciliation, a limited liability company shall give notice requiring all creditors and claimants, including any with un-liquidated or contingent claims and any with whom the limited liability company has unfulfilled contracts, to present their claims in writing and in detail at a specified place and within one year after the last publication of such notice. (2) The notice shall also be published at least once a week for four successive weeks in a newspaper of general circulation (3) On or before the date of the first publication of notice, the limited liability company shall send a copy thereof by registered mail, to each person known to be a creditor of or claimant against the limited liability company at such person’s last known address. (4) Any claims not filed within one year of the date of last publication are barred. (5) For the purposes of this section, filing a claim means, (a) complying with the provisions of the notice published; or (b) commencing an action in the Court. (6) The giving of notice shall not constitute a recognition that any person is a proper creditor or claimant, and shall not revive or make valid or operate as a recognition of the validity of, or a waiver of, any defence or counter-claim in respect of any claim against the limited liability company, its assets, managers or members, which has been barred by any statute of limitation or which has become invalid by any cause, or in respect of which the limited liability company, its members or managers have any defence or counterclaim. (7) Any claims which shall have been filed as provided in such notice and which shall be disputed by the limited liability company may be submitted for determination to the Court. (8) Any person whose claim is, at the date of the first publication of the notice, barred by any statute of limitations is 74 not a creditor or claimant entitled to any notice under this section. The claim of any such person and all other claims which are not timely filed as provided in the notice other than claims which are the subject of litigation on the date of the first publication of such notice, and all claims which are so filed but are disallowed by the Court, shall be forever barred as against the limited liability company, its assets, members or managers. (9) Notwithstanding anything in this section, claims by the Government of Belize shall not be required to be filed under this Act, and such claims shall not be barred for reason of not being so filed, and distribution of the assets of the limited liability company, or any part thereof, may be deferred until determination of any such claims.