Liquidator powers subject to partner approval and prior oversight; permits payments to creditors, compromises, and security arrangements.

The LLP Liquidator or Liquidator must obtain sanction before exercising specified powers: if wound up by the Tribunal, the sanction of the Tribunal; if voluntarily wound up, sanction by a resolution of three fourths of total partners and prior Tribunal approval. Powers include paying any class of creditors in full, compromising or arranging with creditors and claimants, compromising amounts due from partners or other debtors, taking security for discharge of debts or liabilities, and giving complete discharges. Creditors or partners may apply to the Tribunal regarding any exercise or proposed exercise of these powers.

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