Liquidator powers and discretion govern asset administration, meeting summons and Tribunal review of contested acts or decisions. The liquidator must have regard to directions of creditors, partners or the Committee of Inspection, with the Committee's directions prevailing in conflict; may summon meetings to ascertain wishes and must summon when so directed or on written request by not less than one tenth in value; retains discretion in administering and distributing LLP assets subject to the Act and rules; and any aggrieved person may apply to the Tribunal, which may confirm, reverse or modify the liquidator's act or decision and make further orders.
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 powers and discretion govern asset administration, meeting summons and Tribunal review of contested acts or decisions.
The liquidator must have regard to directions of creditors, partners or the Committee of Inspection, with the Committee's directions prevailing in conflict; may summon meetings to ascertain wishes and must summon when so directed or on written request by not less than one tenth in value; retains discretion in administering and distributing LLP assets subject to the Act and rules; and any aggrieved person may apply to the Tribunal, which may confirm, reverse or modify the liquidator's act or decision and make further orders.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
