Priority of payments in LLP winding up sets hierarchy for petition costs, liquidator fees, professionals and Committee expenses.

Assets of an LLP in Tribunal winding up, after preserving and realising expenses and allowed voluntary winding up remuneration, must be applied in a prescribed priority: petition costs and allowed appearances; panel liquidator fees; liquidator's necessary disbursements; remuneration and costs of persons employed by the liquidator including professionals; fees credited to Government; and Tribunal sanctioned out of pocket Committee of Inspection expenses. Tribunal approval is required for professional appointments and fee payments; separate legal proceeding cost orders and rights remain unaffected.

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