Resignation of LLP liquidator: acceptance by partners and creditors by majority or Tribunal determination required.

An LLP liquidator seeking resignation must summon separate meetings of partners and creditors to decide acceptance; if accepted by majority the resignation takes effect, otherwise the liquidator must report to the Tribunal and apply for orders, with the Tribunal empowered to determine acceptance and give directions. The liquidator must submit an account of acts and a statement of the liquidation position in a form similar to rule 56 from the last statement or appointment to the resignation date. Expenses of meetings and Tribunal application are part of liquidation expenses.

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