Appointment and removal of LLP liquidator: partners' resolution or creditor approval govern appointment and Tribunal oversight. Appointment and removal of a LLP Liquidator requires partner resolution and, where creditors are involved, approval by two-thirds in value of creditors; creditors' nominees prevail when nominated. The Tribunal may appoint or remove a liquidator if none acts or on cause shown, including on Registrar's application, with a reasonable opportunity to be heard. The liquidator must file an ongoing declaration of conflicts of interest, and removal by partners or creditors follows written notice and a removal decision after considering any reply.
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.
Appointment and removal of LLP liquidator: partners' resolution or creditor approval govern appointment and Tribunal oversight.
Appointment and removal of a LLP Liquidator requires partner resolution and, where creditors are involved, approval by two-thirds in value of creditors; creditors' nominees prevail when nominated. The Tribunal may appoint or remove a liquidator if none acts or on cause shown, including on Registrar's application, with a reasonable opportunity to be heard. The liquidator must file an ongoing declaration of conflicts of interest, and removal by partners or creditors follows written notice and a removal decision after considering any reply.
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