Conversion of pvt. ltd. to llp- urgent

Ekta (Practicing CS) (423 Points)

18 April 2014  

In process of conversion Pvt. Ltd. co. to LLP, Schedule III of LLP Act is applicable. In this schedule, sub clause (2)(a) of clause 2 is "there is no security interest in its assets subsisting or in force at the time of application". what does it mean? Does it mean that there should be no charge registered in the name of Company? or something else?