Under what circumstances, an LLP can be wound up by the Tribunal. [CA Inter May 2015, 4 Marks]
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Detailed Solution & Explanation
Under following circumstances, an LLP can be wound up by the Tribunal:
(i) If the LLP decides that it should be wound up by the Tribunal;
(ii) If for a period of more than six months, the number of partners of the LLP is
reduced below two;
(iii) If the LLP is unable to pay its debts;
(iv) If the LLP has acted against the interests of the integrity and sovereignty of India,
the security of the state or public order;
(v) If the LLP has defaulted in the filing of the Statement of Account and Solvency with
the Registrar for five consecutive financial years;
(vi) If the Tribunal is of the opinion that it is just and equitable that the LLP be wound
up.
SHORT QUESTION
About This Chapter: Partnership & Companies
Paper
Paper 1: Accounting
Weightage
15-20%
Key Topics
Admission, Retirement, Death, Shares, Debentures
This chapter covers Admission, Retirement, Death, Shares, Debentures and is part of Paper 1: Accounting in the CA Foundation exam.
View Official ICAI SyllabusExam Strategy Tip
This topic carries 15-20% weightage. Focus on understanding core concepts rather than memorizing.
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