Distribution of LLP assets: liabilities paid pari passu subject to preferential claims, then residual distributed to partners. On winding up, LLP assets are first applied to satisfy liabilities pari passu, subject to the Act, these rules and overriding preferential payments; ... Summary
Distribution of LLP assets: liabilities paid pari passu subject to preferential claims, then residual distributed to partners.
On winding up, LLP assets are first applied to satisfy liabilities pari passu, subject to the Act, these rules and overriding preferential payments; remaining assets are then distributed among partners according to their rights and interests unless the LLP agreement provides otherwise.
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