Unpaid and undistributed assets account: mandated transfer to LLP Liquidation Account with Tribunal claim mechanism for claimants.

Rule 60 requires a liquidator to place distributable sums and refundable partner assets, within five days of becoming due, into designated Distributable Sum or Distributable Asset Accounts; amounts unclaimed after six months must be transferred within seven days to the Public Account of India into an LLP Liquidation Account, and unpaid or undistributed sums at dissolution must likewise be paid into that account. The liquidator must furnish prescribed statements to the Registrar when making such payments and receives a bank receipt as discharge, while claimants may apply to the Tribunal and long unclaimed funds may ultimately transfer to government revenue subject to later claims.

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