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of <h1>Rule 60: LLP Liquidators Must Transfer Unpaid Assets to Special Accounts or Face Penalties and Removal</h1> Rule 60 of the Limited Liability Partnership (Winding up and Dissolution) Rules, 2010 outlines procedures for handling unpaid and undistributed assets during the winding up of an LLP. Liquidators must transfer distributable sums or refundable assets to special bank accounts within five days of them becoming due. If unclaimed for six months, these funds are moved to the 'LLP Liquidation Account' in the Public Account of India. Upon dissolution, any remaining funds are also transferred there. Claimants can apply to the Tribunal for payment. Unclaimed funds for seven years go to the Central Government's revenue account. Liquidators failing to comply face interest, penalties, and potential removal.
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