Liquidator authority to accept non-cash consideration or profit participation on transfer during LLP winding up.

Where an LLP is being wound up and its business or property is sold or transferred to another LLP, the LLP Liquidator may, with the sanction of a qualifying partner resolution, accept cash, securities, policies or other interests or provide for partners to share in profits or benefits of the transferee LLP, subject to consent of secured creditors. Such arrangements bind all partners. A partner who dissented in writing may require the liquidator to purchase their interest at an agreed or valuer-determined price, and if purchased the purchase money must be raised as authorised and paid before dissolution.

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