Termination of Winding Up

Receiver to apply for the Termination is describing below. The affairs of the LLP have wound up by the receiver in a termination by the tribunal. The tribunal should file the final account with the Tribunal in form No.89 and apply for orders to the dissolution of LLP Termination. The application cannot set down for hearing. The application may settle down until the audit completion of the final accounts and filing of the auditor’s certificate. The affairs of the LLP may have not elective within one year from the winding-up order. The receiver may complete the application before court expectations and seek appropriate directions.

Closure of the LLP

After the hearing of the receiver, the notice from the tribunal may audit the account and make such orders as it thinks fit to termination of the LLP. The application for the provision of the act in hands of the receiver or into the LLP may subject into the public account of the receiver.

 The receiver and the LLP’s book and papers get to dispose of day by day. The receiver to pay the balance into Public account

The order for closure may pay into the LLP ’s closure account in the public account.

LLP Closure guide

The unpayable amount may payable to the creditors or the assets of unpaid are refunding in the date of the order of dissolution. Such balance may transfer to the LLP’s receiver accounts.

The copy of the dissolution, within 30 days from the date may forward to the registrar in Form No.11. The registrar may make his book in the minute of the dissolution of the LLP. The copy of the order may also file along with it, then the statement signed by the Liquidator.

Conclusion of Winding Up

The winding-up of an LP may conclude in the below two cases.

  1. The LLP disclosed by the order of the court at the date in which the order of LLP report by the receiver to the registrar.
  2. The date of the dissolution wound up by the LLP Termination or assets of the LLP remain unclaimed in the hands of the under control of the LLP. The person who is acting as receiver until such funds or assets have either been distributed or paid into the LLP receiver account.

Registers and Books of account of the receiver

  • The receiver may maintain the books of registers in physically or digital format.
  • The Books are named as the below terms,
  • The registrar of liquidations in form No.87
  • Central cash book in form 87A.
  • General ledgers in form No.87C
  • LLP’s cash book in form no.87B
  • Bank ledger in form 87E
LLP Termination of Winding Up Closures | Corpstore

Registrar of Assets in Form No.87F

  • Investment registrar in Form No.87G
  • Tenants’ ledger in form No.87I
  • Suits registrar in form 87J
  • Registrar of book debt and outstanding in form 87H
  • Announcement register in form 87K
  • Sales register in form 87L
  • Registration of Claims and distributable sums in form 87M
  • Partners register in form 87N
  • Suspense register in form No. 87Q
  • Books register in Form No. 87S
  • Documents register in form 87R

Receiver to apply for the LLP Termination

The record book of each LLP Termination may be entered all minutes of proceedings and the resolution may pass at any meeting of the receiver. The substances of all orders passed by the tribunal in the receiver may necessary to furnish a correct view of the administration of the LLP’s affairs.

The registrar may be prescribed by the Tribunal or the central Government from time to time.

 To maintaining the registers and books the receiver may follow the instructions contained in respective forms with certain variations may necessary for the purpose of maintaining in the computer system or in a digital format. The central government may review the registers and make changes in the same form from time to time.

Banking schemes related to LLP Termination

The receiver in addition to the registers and Books under sub-rule maintains the books necessary for the proper and efficient working of his office may also keep the necessary files of correspondence in respect of each LLP under termination in his charge.

The accounts of the LLP are incomplete. The receiver with all convenient speed may complete and bring up to date and audit by the partners and officers of the LP in liquidation.

The trading account may verify from time to time not lesser than once in every month by the confirmation.

The liquidator also keeps the counterfoil receipt book in form No.88, which may be issued all receipts for payment made to the LLP liquidator. The duplicate may bear the same number as the original case.

Banking account of the Liquidator

The liquidator in his official name may transfer the payment into the public account. The entire amount received by him as the receiver of an LLP Termination may pay into the bank without deduction not lesser than the working day of the bank. All the payment out of the account by the receiver above rupees one thousand may ordinarily be made by cheques against the said account.

The receiver may maintain a bank statement in the remnant the leaves of which shall be serially numbered in which the confirmation acknowledgment of the bank may obtain all cash deposited into the bank to the credit of the account mentioned in the clause.

The bills, cheques, and securities deposited into the bank

The bills, cheques, and securities payable to the LLP Termination after came into the hands of the receiver may be deposited by him into the bank for the purpose of being presented for acceptance and payment.

LLP Termination of Winding Up Closures | Corpstore

Conclusion of LLP Termination

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