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of <h1>LLP Liquidators Must Deposit Funds in Special Account; Risk Penalties for Holding Excess Funds per Part VI Rules, 2012.</h1> Every LLP Liquidator must deposit funds received in their capacity into a special bank account at a Scheduled Bank, as specified in Part VI of the Limited Liability Partnership (Winding up and Dissolution) Rules, 2012. The Tribunal may allow the account to be opened in another bank if beneficial for creditors, partners, or the LLP. If a liquidator retains over fifty thousand rupees for more than ten days without Tribunal approval, they must pay 12% interest on excess funds, may incur penalties, cover expenses due to default, and risk losing part of their remuneration or removal from office.
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