Priority of payments in winding up: specified order for petition costs, liquidator fees, disbursements, professional and government dues.

Priority of payments from the assets of a LLP in a winding up by the Tribunal is prescribed: after preservation and realization expenses and subject to secured creditors and Tribunal orders, payments follow an order of priority-petition costs, panel liquidator fees, liquidator disbursements, costs of persons employed by the liquidator (including professionals), fees to Government, and sanctioned Committee of Inspection expenses; professional appointments and fees require Tribunal approval; the rule does not affect costs ordered in other Tribunal proceedings or the rights of recipients.

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