Winding up of LLP

[Chandramauli Dwivedi]

Respected All,

Kindly explain me Is it possible as per LLP Act & Rules  to proceed for wind up of LLP by  only one Partner, if the another partner is not taking interest in its LLP to run or winding up and he is in abroad  too.

[YAGAY andSUN]

Dear Chandramauli,

Please go through Section 63 of the LLP Act, 2008 read with Limited Liability Partnership (Winding up and Dissolution) Rules, 2010 in this regard.

Regards,

Team YAGAY & SUN

[DR.MARIAPPAN GOVINDARAJAN]

Rule 5 of LLP (Winding up and Dissolution) Rules, 2010 provides the voluntary winding up as detailed below:

Circumstances in which LLP may be wound up voluntarily

05. (1) Any LLP may be wound up voluntarily if the LLP passes a resolution to wind up the LLP with approval of at least three-fourths of the total number of its partners :

Provided that where the LLP has creditors, whether secured or unsecured, the winding up shall not take place unless approval of such creditors takes place in pursuance of rule 7.

(2) A copy of the resolution shall be filed with the Registrar within thirty days of passing of such resolution in Form No. 1.

You cannot proceed to winding up of LLP.

AI Summary

Voluntary winding up of LLPs requires a partner supermajority resolution and creditor consent where creditors exist. Voluntary winding up of an LLP requires passage of a resolution by a supermajority of partners; if the LLP has creditors, their approval is required under the dissolution rules; a copy of the resolution must be filed with the Registrar within thirty days in the prescribed form.