Creditor approval requirement: creditors' consent directs whether an LLP is wound up by partners, creditors, or by Tribunal application.

Rule 8 requires an LLP to serve creditors with the declaration, estimated claims and an offer before voluntary winding up; creditors must respond within thirty days. If the requisite proportion of creditors approve, they decide whether the LLP is wound up by partners, by creditors, or whether an application to the Tribunal should be filed, subject to a proviso that payment to creditors in satisfaction precludes creditor-led or Tribunal winding up. The LLP must notify the Registrar of the creditors' decision in the prescribed form within the stipulated time.

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