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LLP Liquidator to accept contribution etc. as consideration for sale of property of LLP

Rule 20 - Rule - LLP - Rule 20 - 20. . (1) Where a limited liability partnership (the transferor LLP) is proposed to be, or is in the course of being, wound up voluntarily and the whole or any part of its business or property is proposed to be transferred or sold to any other limited liability partnership (the transferee LLP), the LLP Liquidator of the transferor LLP may, with the sanction of a resolution of the transferor LLP passed by at least three-fourths of total number of partners conferri .....

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to, participate in the profits of, or receive any other benefit from, the transferee LLP: Provided that no such arrangement shall be entered into without the consent of the secured creditors, if any. (2) Any transfer, sale or other arrangement in pursuance of this section shall be binding on all the partners of the transferor LLP. (3) Any partner of the transferor LLP who did not vote in favour of the resolution and expressed his dissent therefrom in writing addressed to the LLP Liquidator and l .....

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