Winding up is the process of closing down an LLP and distributing its assets. It can be voluntary (by partners' consent) or compulsory (by tribunal order). The process involves settling debts, distributing assets, filing final returns, and striking off the LLP from MCA records.
Partners decide to wind up by passing resolution.
Ordered by tribunal due to default or other reasons.
Simplified process for LLPs with no assets or liabilities.
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