§ 7-80-803.3 — Right to wind up business

Colorado § 7-80-803.3

• Jurisdiction: Colorado
• Title 07: Corporations
• Art.: Limited Liability Companies

Text

(1) After dissolution, the manager
or, if there is no manager, any member may wind up the limited liability company's
business, but on application of any member, member's legal representative, or
member's assignee or transferee, the district court, for good cause shown, may
order judicial supervision of the winding up.

(2) The legal representative, assignee, or transferee of the last remaining
member may wind up the limited liability company's business if the limited liability
company dissolves.

(3) A person winding up a limited liability company's business may preserve
the business or property as a going concern for a reasonable time, prosecute and
defend actions and proceedings, whether civil, criminal, or administrative, settle
disputes, settle and close the limited liability company's business, dispose of and
transfer the limited liability company's property, discharge or provide for
obligations of the limited liability company, distribute the assets of the limited
liability company pursuant to section 7-80-803 (1)(d), and perform other necessary
acts.

Legislative History

Source: L. 2006: Entire section added, p. 863, � 36, effective July 1.