Maine § 31 §1601 Application of assets in winding up limited liability company's activities

Maine Statutes

§ 31 §1601 — Application of assets in winding up limited liability company's activities

Maine·Title 31 PARTNERSHIPS AND ASSOCIATIONS·Ch. 21 LIMITED LIABILITY COMPANIES

Upon the winding up of a limited liability company, the assets must be applied as follows.

1.Payment to creditors. Payment, or adequate provision for payment, must be made to creditors, including, to the extent permitted by law, members who are creditors, in satisfaction of liabilities of the limited liability company.

2.Surplus. After a limited liability company complies with subsection 1, any surplus must be distributed:

3.Distribution in proportion to value. If the limited liability company does not have sufficient surplus to comply with subsection 2, paragraph A, any surplus must be distributed among the owners of transferable interests in proportion to the value of their respective unreturned contributions.

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Upon the winding up of a limited liability company, the assets must be applied as follows.
1.
Payment to creditors.
Payment, or adequate provision for payment, must be made to creditors, including, to the extent permitted by law, members who are creditors, in satisfaction of liabilities of the limited liability company.
2.
Surplus.
After a limited liability company complies with subsection 1, any surplus must be distributed:
3.
Distribution in proportion to value.
If the limited liability company does not have sufficient surplus to comply with subsection 2, paragraph A, any surplus must be distributed among the owners of transferable interests in proportion to the value of their respective unreturned contributions.

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