Proceedings and Procedures - Payment of unclaimed distributable sums and undistributed assets into the LLPs liquidation account in a winding upLimited Liability Partnership (Winding up and Dissolution) Rules, 2010
Proceedings and Procedures - Payment of unclaimed distributable sums and undistributed assets into the LLPs liquidation account in a winding upLimited Liability Partnership (Winding up and Dissolution) Rules, 2010
Inability to pay debts: creditor demand, unsatisfied execution, or Tribunal finding can trigger LLP winding up. An LLP is deemed unable to pay its debts for winding-up where a creditor's formal demand for a due debt above the prescribed threshold remains unpaid and ... Summary
Inability to pay debts: creditor demand, unsatisfied execution, or Tribunal finding can trigger LLP winding up.
An LLP is deemed unable to pay its debts for winding-up where a creditor's formal demand for a due debt above the prescribed threshold remains unpaid and the LLP fails to provide adequate security, restructure, or compound the debt to the creditor's reasonable satisfaction; where execution or other process on a decree or order is returned unsatisfied in whole or in part; or where the Tribunal is satisfied on proof that the LLP cannot pay its debts, taking into account contingent and prospective liabilities.
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