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2022 Hawaii Revised Statutes
Title 23A. Other Business Entities
428. Uniform Limited Liability Company Act
428-806 Distribution of assets in winding up the limited liability company's business.
Universal Citation:
HI Rev Stat § 428-806 (2022)
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§428-806 Distribution of assets in winding up the limited liability company's business. (a) In winding up a limited liability company's business, the assets of the company shall be used to discharge its obligations to creditors, including members who are creditors. Any surplus shall be used to pay in money the net amount distributable to members in accordance with their rights to distribution under subsection (b).
(b) Each member is entitled to a distribution upon the winding up of the limited liability company's business consisting of a return of all contributions which have not previously been returned and a distribution of any remainder in equal shares. [L 1996, c 92, pt of §1]
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