Rule 281 - Restriction on purchase of goods by LLP liquidator - Limited Liability Partnership (Winding up and Dissolution) Rules, 2010

Restriction on purchase of goods by LLP liquidator 281. Where the LLP liquidator carries on the business of the LLP, he shall not, without the express sanction of the Tribunal, purchase goods for the carrying on of such business from any person whose connection with him is of such a nature as would result in his obtaining directly or indirectly any benefit out of the transaction. Where the LLP liquidator applies for sanction, he shall disclose in his application the nature of his interest in the transaction, and the cost of obtaining sanction of Tribunal shall be borne by the LLP liquidator personally.