Sanction for liquidator powers: tribunal or partner approval required before creditor payments or compromise. The rule conditions certain powers of an LLP Liquidator on sanction: Tribunal sanction is required for tribunal-ordered winding up; in voluntary winding up a partners' resolution plus prior Tribunal approval is required. Subject to sanction, the liquidator may pay creditors in full, compromise or arrange with creditors or claimants, compromise debts or claims against partners or other debtors, take security and give complete discharge. Creditors or partners may apply to the Tribunal about any exercise or proposed exercise of these powers, and the Tribunal may after hearing make appropriate 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.
Sanction for liquidator powers: tribunal or partner approval required before creditor payments or compromise.
The rule conditions certain powers of an LLP Liquidator on sanction: Tribunal sanction is required for tribunal-ordered winding up; in voluntary winding up a partners' resolution plus prior Tribunal approval is required. Subject to sanction, the liquidator may pay creditors in full, compromise or arrange with creditors or claimants, compromise debts or claims against partners or other debtors, take security and give complete discharge. Creditors or partners may apply to the Tribunal about any exercise or proposed exercise of these powers, and the Tribunal may after hearing make appropriate orders.
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