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of <h1>LLP Winding Up: Assets First Pay Liabilities, Then Distributed Among Partners Per Agreement, Subject to Preferential Payment Rules.</h1> Upon winding up, the assets of a Limited Liability Partnership (LLP) are to be used to satisfy its liabilities equally among creditors. After liabilities are settled, the remaining assets are distributed among the partners based on their rights and interests, unless specified otherwise in the LLP Agreement. This process is subject to any provisions regarding preferential payments as outlined in the relevant Act and rules.
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