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of <h1>Liquidator Can Use Central Funds for LLP Winding-Up Costs, Reimbursed Before Settling Debts, with Tribunal Approval.</h1> Where a Limited Liability Partnership (LLP) subject to a winding-up order lacks available assets, the Liquidator can, with Tribunal approval, use funds provided by the Central Government or Tribunal to cover necessary winding-up expenses. These expenses are recouped from the LLP's assets before settling its debts. If a creditor or partner advances money for preliminary expenses, the Liquidator can use these funds, which are also reimbursed from the LLP's assets with priority over other debts.
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