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of <h1>LLP Winding Up: Assets Cover Costs First, Then Equally Distribute Remaining to Creditors Per Relevant Act & Rules.</h1> Assets of a Limited Liability Partnership (LLP) undergoing winding up are first allocated to cover costs, including expenses, charges, fees, and the Liquidator's remuneration. After these costs are settled, the remaining assets are used to discharge the LLP's liabilities equally among creditors, following the provisions outlined in the relevant Act and rules.
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