Appointment of Liquidator

• Partners or creditors must appoint an LLP liquidator for winding up

• Appointment must be approved by the Tribunal or majority partners

• Liquidator must be a registered insolvency professional in some cases

• Registrar of Companies (RoC) must be informed through official filings

• Liquidator takes charge of the LLP’s affairs from the date of appointment

Asset Realization and Distribution

• Liquidator identifies and collects all LLP assets and dues

• Assets may include property, receivables, and pending capital

• Settles outstanding liabilities in order of legal priority

• Any surplus is distributed among partners based on contribution

• Realization process must follow fair valuation and legal procedures

Settlement of Creditors and Liabilities

• Liquidator prepares a list of all creditors with claim amounts

• Notifies and invites claims from all known and unknown creditors

• Verifies and settles claims as per insolvency and LLP rules

• Statutory dues like taxes and government fees are given priority

• Disputes, if any, are handled as per Tribunal directions

Filing and Documentation

• Statement of assets, liabilities, and final accounts must be filed

• File Form 9, 10, and 11 under LLP Winding-up Rules with RoC

• Prepare final report including liquidation proceedings and outcomes

• Records must be available for inspection during and after liquidation

• Ensure all filings are digitally signed and submitted within timelines

Compliance and Closure

• Liquidator must ensure legal compliance throughout the process

• Tribunal or RoC issues dissolution order after review of report

• LLP’s name is struck off from the register officially

• Partners are discharged from further liabilities post-closure

• All duties must be completed transparently and in accordance with law