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Investment of assets in securities and realisation of securities

Limited Liability Partnerships (Winding Up) Rules

Match the official source exactly.

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) Where the committee of inspection is of the opinion that any part of the cash balance standing to the credit of the account of the LLP in the Limited Liability Partnerships Liquidation Account should be invested, the committee shall sign a certificate and request in Forms 48 and 49, respectively, and the liquidator shall transmit such certificate and request to the Official Receiver. (2) Where the committee of inspection is of the opinion that it is advisable to sell any of the securities in which the moneys of the LLP or the LLP’s assets are invested the committee shall sign a certificate and request to that effect, and the liquidator shall transmit such certificate and request to the Official Receiver. (3) Where in a winding up by the Court in which there is no committee of inspection a case has in the opinion of the liquidator arisen under paragraph 68 of the Fifth Schedule to the Act for an investment of funds of the LLP or a sale of securities in which the LLP’s funds have been invested, the liquidator shall sign and transmit to the Official Receiver a certificate of the facts on which his opinion is founded, and a request to the Official Receiver to make the investment or sale mentioned in the certificate, and the Official Receiver may thereupon, if he thinks fit, invest or sell the whole or any part of the funds or securities, as provided in that paragraph, and the certificate and request shall be sufficient authority to the Official Receiver for the said investment or sale.

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