Liquidator discretion and creditor directions - Tribunal may review, confirm or modify liquidator decisions on asset distribution.

Rule 43 requires the liquidator to have regard to directions from creditors, partners or a Committee of Inspection when administering and distributing LLP assets, with Committee directions prevailing over conflicting creditor or partner directions. The liquidator may summon meetings of creditors or partners and must do so when directed by resolution or requested in writing by the requisite minority. Subject to the Act and these Rules, the liquidator retains discretion in asset administration and distribution, and any person aggrieved by a liquidator's act or decision may apply to the Tribunal, which may confirm, reverse or modify it.

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