Resignation of LLP liquidator: requires majority approval by partners and creditors or application for formal determination. The LLP liquidator seeking resignation must convene separate meetings of partners and creditors for majority acceptance; failing acceptance, the liquidator reports results and applies to the Tribunal for determination, which may accept the resignation and issue directions. The liquidator must submit an account of acts and a liquidation statement in the form akin to rule 56 covering from the last statement or appointment to resignation, and expenses of meetings and Tribunal application form part of liquidation costs.
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.
Resignation of LLP liquidator: requires majority approval by partners and creditors or application for formal determination.
The LLP liquidator seeking resignation must convene separate meetings of partners and creditors for majority acceptance; failing acceptance, the liquidator reports results and applies to the Tribunal for determination, which may accept the resignation and issue directions. The liquidator must submit an account of acts and a liquidation statement in the form akin to rule 56 covering from the last statement or appointment to resignation, and expenses of meetings and Tribunal application form part of liquidation costs.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.