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)
Priority of liquidation expenses: liquidator may use government or creditor advances and recoup them ahead of other creditors. Where an LLP has no available assets, the liquidator may, with leave of the Tribunal, incur necessary winding up expenses from a permanent advance or other fund provided by the Central Government or the Tribunal, and such expenses shall be recouped out of the LLP's assets in priority to the debts; money advanced by a petitioning or other creditor or partner for preliminary expenses may be used and is similarly payable out of the LLP's assets in priority to other debts.
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.
Priority of liquidation expenses: liquidator may use government or creditor advances and recoup them ahead of other creditors.
Where an LLP has no available assets, the liquidator may, with leave of the Tribunal, incur necessary winding up expenses from a permanent advance or other fund provided by the Central Government or the Tribunal, and such expenses shall be recouped out of the LLP's assets in priority to the debts; money advanced by a petitioning or other creditor or partner for preliminary expenses may be used and is similarly payable out of the LLP's assets in priority to other debts.
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