Liquidator deposit obligations require designated bank account deposits; penalties and removal may follow for undue retention.

Every LLP Liquidator must deposit monies received into a special bank account in a Scheduled bank as specified in Part VI, subject to the Tribunal permitting another bank if advantageous. Retention beyond ten days of sums exceeding the statutory threshold triggers liability to pay interest on the excess and a Tribunal-determined penalty, reimbursement of expenses caused by the default, and possible disallowance of remuneration or removal from office; the Tribunal may authorize a different retention amount on application.

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