Duties of Liquidator: powers and procedural obligations to manage LLP winding up and asset realization. The rule sets out the duties of the Liquidator in LLP winding up subject to the control of the Tribunal: to take custody of assets and records, carry on business as necessary, execute documents, realize movable, immovable and intangible assets by auction, tender or private contract, appoint security and valuers, prepare inventories, advertise and invite bids with prescribed terms, permit inspection, investigate affairs and suspected fraud, invite and verify creditor and partner claims, maintain separate accounts, and report actions and bid outcomes to the Tribunal.
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.
Duties of Liquidator: powers and procedural obligations to manage LLP winding up and asset realization.
The rule sets out the duties of the Liquidator in LLP winding up subject to the control of the Tribunal: to take custody of assets and records, carry on business as necessary, execute documents, realize movable, immovable and intangible assets by auction, tender or private contract, appoint security and valuers, prepare inventories, advertise and invite bids with prescribed terms, permit inspection, investigate affairs and suspected fraud, invite and verify creditor and partner claims, maintain separate accounts, and report actions and bid outcomes to the Tribunal.
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