Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Liquidator Must Open 'Liquidation Account' in Scheduled Bank; Deposit Daily Realizations and Make Payments Over 1000 by Cheque.</h1> The liquidator of a Limited Liability Partnership (LLP) must open a 'Liquidation Account' in a Scheduled Bank to deposit all funds received during the liquidation process. Daily realizations must be deposited by the next working day unless the amount is below 1000, in which case deposits can be deferred. Liquidation expenses and payments over 1000 should be made via cheque. In the context of voluntary winding-up, references to the Bank pertain to the bank where this account is established.
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