Creditor petition for LLP winding up seeks tribunal supervision when demand for unpaid debt is unmet. A creditor petition must identify the petitioner and authorised representative, give the LLP's incorporation, registered office, business and partner ... Summary
Limited Liability Partnership (Winding up and Dissolution) Rules, 2012
Creditor petition for LLP winding up seeks tribunal supervision when demand for unpaid debt is unmet.
A creditor petition must identify the petitioner and authorised representative, give the LLP's incorporation, registered office, business and partner details, and specify the debt with particulars. It must allege service of a notice of demand at the LLP's registered office and failure to pay or provide adequate security, and where two-thirds in value of creditors consent, propose winding up by the Tribunal under the Limited Liability Partnership Act, 2008; if voluntary winding up exists, facts must show continuation would prejudice creditors.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.