Proceedings and Procedures - Examination of person suspected of having property of LLP etc. and examination of partners, designated partners, officers etc., in connection with the fruad etc.Limited Liability Partnership (Winding up and Dissolution) Rules, 2010
Proceedings and Procedures - Examination of person suspected of having property of LLP etc. and examination of partners, designated partners, officers etc., in connection with the fruad etc.Limited Liability Partnership (Winding up and Dissolution) Rules, 2010
Inability to pay debts: creditor demand, unsatisfied execution, or Tribunal finding can trigger LLP winding up. An LLP is deemed unable to pay its debts for winding-up where a creditor's formal demand for a due debt above the prescribed threshold remains unpaid and ... Summary
Inability to pay debts: creditor demand, unsatisfied execution, or Tribunal finding can trigger LLP winding up.
An LLP is deemed unable to pay its debts for winding-up where a creditor's formal demand for a due debt above the prescribed threshold remains unpaid and the LLP fails to provide adequate security, restructure, or compound the debt to the creditor's reasonable satisfaction; where execution or other process on a decree or order is returned unsatisfied in whole or in part; or where the Tribunal is satisfied on proof that the LLP cannot pay its debts, taking into account contingent and prospective liabilities.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.