Security by LLP liquidator: must be furnished before duties begin and Tribunal can adjust the amount.

Requirement to furnish security by an LLP liquidator is a pre-condition to assuming office, with the Tribunal fixing the amount and manner. The cost of that security is borne by the liquidator and not charged to LLP assets. The Tribunal may require additional security if inadequate and may order reduction on the liquidator's application where security is excessive.

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