286. Banking account of the LLP liquidator.

(1) The liquidator shall open a account of the liquidator called the “Liquidation Account of ………….. LLP” in a Scheduled Bank, into which he shall pay all money received by him as liquidator, and the realization of each day shall be paid into the said account without deduction not later than the next working day of the Bank, provided that the remittance of moneys into the Bank may be deferred until the realization exceeds Rs.1000. The money needed for meeting the expenses of liquidation or for making any payments by the liquidator in cash shall be drawn from the Bank by cheques drawn upon the Bank by the liquidator. All payments by the liquidator above Rs.1000/- shall ordinarily be made by cheque.

(2) Unless the contrary appears, all references in these rules to the Bank in a voluntary winding-up shall mean references to the Bank in which an account has been opened as aforesaid.