TMI BlogDuties of Liquidator.X X X X Extracts X X X X X X X X Extracts X X X X ..... unts and other documents; ( d ) to sell the immovable and movable property including intangible assets such as intellectual property rights, trademarks, logo, etc. and actionable claims of the LLP by public auction or inviting bids or tenders or private contracts with power to transfer such property to any person or body corporate, or to realize any debts; ( e ) to inspect the records and returns of the LLP on the files of the Registrar or any other authority; ( f ) to prove rank and claim in the insolvency of any partner for any balance against his estate, and to receive distributable sums in the insolvency, in respect of that balance, as a separate debt due from the insolvent, and rateably with the other separate creditors; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Liquidator to assess the value of the LLP's assets within fifteen days after taking into custody of property, assets and effects or actionable claims, in consultation with secured creditors or after giving them notice; ( m ) to give an advertisement, inviting bids for sale of the assets of the LLP, within fifteen days from the date of receiving valuation report ; ( n ) to apply to the Tribunal for an order directing any person who, in his opinion, is competent to furnish a statement of the affairs under rule 28 and such person shall be served a notice by the liquidator to submit and verify the statement of affairs by the LLP; ( o ) to carry out investigation into the affairs of the LLP relating to fraudulent conduct or busi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the winding up of the LLP and distribution of its assets. (2) Every bidder shall, in response to advertisement referred to in clause (m) of sub-rule (1), deposit, his offer in the manner as may be specified by the Tribunal with the Liquidator or Provisional Liquidator, as the case may be, within forty-five days from the date of the advertisement and the liquidator or Provisional Liquidator shall permit inspection of property and assets in respect of which bids were invited: Provided that such bid may be withdrawn within three days before the last day of closing of the bid: Provided further that the inspection of property shall be open for not more than five days before closing of the bid. (3) The advertisement inviting ..... X X X X Extracts X X X X X X X X Extracts X X X X
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