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
Liquidation account requirements: LLP liquidator must bank realizations promptly and make disbursements mainly by cheque. Rule 286 requires the LLP liquidator to open a designated Liquidation Account in a Scheduled Bank and to pay all money received as liquidator into that ... Summary
Liquidation account requirements: LLP liquidator must bank realizations promptly and make disbursements mainly by cheque.
Rule 286 requires the LLP liquidator to open a designated Liquidation Account in a Scheduled Bank and to pay all money received as liquidator into that account, with realizations lodged without deduction and ordinarily by the next working day (subject to a small permissible deferment). Money for liquidation expenses or cash payments must be drawn from that account by cheque, and payments above the small-cash threshold are ordinarily to be made by cheque. Rule 286(2) defines references to the Bank as the bank where that account is opened.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.