LLP Liquidator deposit duty: require receipts in a special bank account and penalties for unauthorized retention.

Every LLP Liquidator must pay monies received as liquidator into a special bank account in a Scheduled Bank, subject to Tribunal permission to use another bank. If a liquidator retains sums beyond the permitted period and threshold, the Tribunal may require payment of interest and a penalty, impose liability for expenses caused by the default, and disallow remuneration or remove the liquidator from office.

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