Liquidator appointments: panel selection, security, fee-setting and ongoing conflict disclosures govern LLP winding up appointments.

The rule prescribes that a Liquidator for winding up a LLP shall be an Official Liquidator or a professional appointed from a Central Government panel; absent such appointment the Official Liquidator acts. The panel shall consist of qualified professionals or firms with prescribed experience and may be amended for misconduct after a hearing. Panel appointees must furnish Tribunal-directed security at their cost, may seek variation of security, and must file and maintain a declaration disclosing conflicts of interest. The Tribunal determines appointment terms and fees based on task, experience and LLP size, and the Liquidator is styled "The Liquidator" of the LLP.

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