conversion from Pvt Company to LLP when the Company has partly paid up shares and redeemable prefernce shares

[Divya Hemachandran]

Dear All

Have a doubt whether a Private Limited Company which has partly paid up shares and also redeemable preference shares can opt for conversion to a LLP. 

 Since upon conversion all the members of the Company have to become partners of the LLP, how will this be done in case of partly paid up shares. Do we have to make them fully paid up by asking them to pay the remaining amount? What if they are not ready to pay up?

In case of preference shareholders, since they arent the owners like the equity shareholders, where do they stand during conversion?

Regards

Diivya