diff --git a/WHATS_NEW b/WHATS_NEW
index 7524edfdf..52c381978 100644
--- a/WHATS_NEW
+++ b/WHATS_NEW
@@ -1,5 +1,6 @@
 Version 2.02.40 - 
 ================================
+  Fix setting of volume limit count if converting to lvm1 format.
   Fix vgconvert logical volume id metadata validation.
   Fix lvmdump metadata gather option (-m) to work correctly.
   Fix allocation bug in text metadata format write error path.
diff --git a/lib/metadata/metadata.c b/lib/metadata/metadata.c
index fc90adfa1..f1f8f9940 100644
--- a/lib/metadata/metadata.c
+++ b/lib/metadata/metadata.c
@@ -1255,6 +1255,13 @@ int vg_validate(struct volume_group *vg)
 		}
 	}
 
+	if (!(vg->fid->fmt->features & FMT_UNLIMITED_VOLS) &&
+	    (!vg->max_lv || !vg->max_pv)) {
+		log_error("Internal error: Volume group %s has limited PV/LV count"
+			  " but limit is not set.", vg->name);
+		r = 0;
+	}
+
 	return r;
 }
 
diff --git a/tools/vgconvert.c b/tools/vgconvert.c
index 0b7d978c0..9cc5406ca 100644
--- a/tools/vgconvert.c
+++ b/tools/vgconvert.c
@@ -81,6 +81,15 @@ static int vgconvert_single(struct cmd_context *cmd, const char *vg_name,
 		return ECMD_FAILED;
 	}
 
+	/* Set PV/LV limit if converting from unlimited metadata format */
+	if (vg->fid->fmt->features & FMT_UNLIMITED_VOLS &&
+	    !(cmd->fmt->features & FMT_UNLIMITED_VOLS)) {
+		if (!vg->max_lv)
+			vg->max_lv = 255;
+		if (!vg->max_pv)
+			vg->max_pv = 255;
+	}
+
 	/* If converting to restricted lvid, check if lvid is compatible */
 	if (!(vg->fid->fmt->features & FMT_RESTRICTED_LVIDS) &&
 	    cmd->fmt->features & FMT_RESTRICTED_LVIDS)