Virginia § 50-73.119 Right to wind up partnership business

Virginia Statutes

§ 50-73.119 — Right to wind up partnership business

Virginia § 50-73.119

Title 50PARTNERSHIPS

Ch. 2.2VIRGINIA UNIFORM PARTNERSHIP ACT

Art. 8WINDING UP PARTNERSHIP BUSINESS

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Bluebook

Va. Code Ann. § 50-73.119 (2026).

Text

A.After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership's business, but on application of any partner, partner's legal representative, or transferee, the circuit court, for good cause shown, may order judicial supervision of the winding up.

B.The legal representative of the last surviving partner may wind up a partnership's business.

C.A person winding up a partnership's business may preserve the partnership 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 partnership's business, dispose of and transfer the partnership's property, discharge the partnership's liabilities, distribute the assets of the partner

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A. After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership's business, but on application of any partner, partner's legal representative, or transferee, the circuit court, for good cause shown, may order judicial supervision of the winding up.

B. The legal representative of the last surviving partner may wind up a partnership's business.

C. A person winding up a partnership's business may preserve the partnership 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 partnership's business, dispose of and transfer the partnership's property, discharge the partnership's liabilities, distribute the assets of the partnership pursuant to § 50-73.123, settle disputes by mediation or arbitration, and perform other necessary acts.