Section 21 in The Limited Liability Partnership (Winding up and Dissolution) Rules, 2010
21. Distribution of property of LLP.
- Subject to the provisions of the Act and these rules in respect of overriding preferential payments, the assets of an LLP shall, on its winding up, be applied in satisfaction of its liabilities pari passu and, subject to such application, shall, unless the LLP Agreement otherwise provides, be distributed among the partners according to their rights and interests in the LLP.
