§ 10A-5-7.03 — Winding Up. Repealed in the 2014 Regular Session by Act 2014-144 Effective January 1, 2017

Alabama § 10A-5-7.03

• Jurisdiction: Alabama
• Title 10A: Alabama Business and Nonprofit Entities Code
• Ch. 5: Limited Liability Companies
• Art. 7: Dissolution

Text

(a) Except as otherwise provided in the governing documents, the members who have not wrongfully dissolved a limited liability company may wind up the limited liability company’s business and affairs.
(b) A person winding up a limited liability company’s business may: Preserve the company business or property as a going concern for a reasonable time; prosecute and defend actions and proceedings, whether civil, criminal, or administrative; settle and close the limited liability company’s business; dispose of and transfer property; discharge the limited liability company’s liabilities; distribute the assets of the limited liability company pursuant to Section 10A-5-7.05; and perform other necessary and appropriate acts.

Legislative History

(Acts 1993, No. 93-724, p. 1425, §39; §10-12-39; amended and renumbered by Act 2009-513, p. 967, §236.)