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.
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.
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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