Chapter VI - Proceedings and Procedures - Petition for Winding up, Provisional Liquidator, Winding up Order, and Statement of Affairs, (From Rule 101 to Rule 110)
Chapter VI - Proceedings and Procedures - Meetings of creditors or partners in a winding up by Tribunal and of creditors in a voluntary winding up (From Rule 168 to Rule 190)
Chapter VI - Proceedings and Procedures - Proxies in relation to meetings in winding-up by Tribunal and to meetings of creditors in a voluntary winding-up (From Rule 191 to Rule 200)
Chapter VI - Proceedings and Procedures - Monies due from partners in a winding up by the Tribunal including outstanding contribution, etc. (From Rule 206 to Rule 209)
Chapter VI - Proceedings and Procedures - Examination of person suspected of having property of LLP etc. and examination of partners, designated partners, officers etc., in connection with the fruad etc. (From Rule 210 to Rule 224)
Chapter VI - Proceedings and Procedures - Application against delinquent partners, designated partners and officers of the LLP (From Rule 225 to Rule 234)
Chapter VI - Proceedings and Procedures - Payment of unclaimed distributable sums and undistributed assets into the LLPs liquidation account in a winding up (From Rule 296 to Rule 298)
LLP asset transfer consideration may be accepted in kind; dissenting partners can require purchase of their interests. When a voluntary winding up involves transfer or sale of an LLP's business or property to another LLP, the LLP Liquidator, authorised by the requisite partners' resolution, may accept cash or non cash consideration or grant transferor partners participation in the transferee LLP's benefits, subject to consent of secured creditors. Such authorised transfers bind all partners. A partner who formally dissents within seven days may demand purchase of their interest at an agreed price or by valuation; if purchased, the purchase monies must be raised as authorised by partners and paid before dissolution.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
LLP asset transfer consideration may be accepted in kind; dissenting partners can require purchase of their interests.
When a voluntary winding up involves transfer or sale of an LLP's business or property to another LLP, the LLP Liquidator, authorised by the requisite partners' resolution, may accept cash or non cash consideration or grant transferor partners participation in the transferee LLP's benefits, subject to consent of secured creditors. Such authorised transfers bind all partners. A partner who formally dissents within seven days may demand purchase of their interest at an agreed price or by valuation; if purchased, the purchase monies must be raised as authorised by partners and paid before dissolution.
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