Proceedings and Procedures - Voluntary winding up and winding up subject to supervisionLimited Liability Partnership (Winding up and Dissolution) Rules, 2010
Proceedings and Procedures - Voluntary winding up and winding up subject to supervisionLimited Liability Partnership (Winding up and Dissolution) Rules, 2010
Liquidator powers in winding up: manage LLP assets, invite bids, investigate affairs and report under Tribunal control. The Liquidator, subject to Tribunal sanction and control, shall manage the LLP's business for beneficial winding up, take custody of assets and records, ... Summary
Liquidator powers in winding up: manage LLP assets, invite bids, investigate affairs and report under Tribunal control.
The Liquidator, subject to Tribunal sanction and control, shall manage the LLP's business for beneficial winding up, take custody of assets and records, realize property (including intangible assets) by sale or other means, obtain valuations and invite bids by advertisement with prescribed particulars and timelines, permit inspection and receive bids within stipulated windows, file a report on bid outcomes, investigate affairs for fraud or misfeasance and report to the Tribunal within one year (or explain otherwise), summon persons for statements, maintain separate bank accounts and books for each LLP, examine creditor claims and prepare lists, and perform all acts necessary for winding up as directed by the Tribunal.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.