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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>LLP Winding Up: Assets Used to Settle Liabilities, Remaining Distributed Among Partners Per Rights and Interests.</h1> Upon the voluntary winding up of a Limited Liability Partnership (LLP), its assets are to be used to satisfy liabilities equally among creditors, adhering to any overriding preferential payments as per the Act and applicable rules. After liabilities are settled, unless specified otherwise in the LLP Agreement, the remaining assets are distributed among the partners based on their respective rights and interests in the LLP.
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