Alabama Code (Last Updated: November 28, 2014) |
Title10A ALABAMA BUSINESS AND NONPROFIT ENTITIES CODE. |
Chapter5. LIMITED LIABILITY COMPANIES. |
Article7. Dissolution. |
§10A-5-7.03. Winding up. REPEALED IN THE 2014 REGULAR SESSION BY ACT 2014-144 EFFECTIVE JANUARY 1, 2017.
Latest version.
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(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.