Solvency declaration required for voluntary LLP winding up: majority designated partners must verify ability to pay debts, meet filing conditions. A majority of designated partners (at least two) must make a verified solvency declaration stating the LLP has no debts or can pay its debts within the ... Summary
Solvency declaration required for voluntary LLP winding up: majority designated partners must verify ability to pay debts, meet filing conditions.
A majority of designated partners (at least two) must make a verified solvency declaration stating the LLP has no debts or can pay its debts within the specified period. The declaration takes effect only if filed with the Registrar in the prescribed form within the limited period before the winding up resolution, includes a statement that the winding up is not to defraud creditors, is accompanied by a Form No.4 statement of assets and liabilities attested by two designated partners, and by a valuation report where assets exist.
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