2010 Maine Code
TITLE 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 13: LIMITED LIABILITY COMPANIES (TEXT REPEALED 7/1/11)
31 §703. Winding up (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)

Subchapter 9: DISSOLUTION

§703. Winding up

(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)

(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)

1. Persons authorized to wind up a limited liability company. Unless otherwise provided in the operating agreement or articles of organization, the managers or, if there is no manager, a majority in interest of the members or one or more liquidating trustees approved by the members may wind up a limited liability company's affairs. The Superior Court, upon cause shown, may wind up a limited liability company's affairs upon application of a member or a member's legal representative or assignee and in connection with the winding up may appoint a liquidating trustee. The failure to comply with the provisions of section 623, former subsection 5 does not affect the rights, duties, powers or authority of persons winding up the affairs of a company pursuant to this section.

[ 2009, c. 164, §4 (AMD) .]

2. Liquidation process. Upon dissolution of a limited liability company and until the filing of a certificate of cancellation as provided in section 625, the persons winding up a limited liability company's affairs in the name of and for and on behalf of the limited liability company may prosecute and defend suits whether civil, criminal or administrative, settle and close a limited liability company's business, dispose of and convey a limited liability company's property, discharge or make reasonable provision for a limited liability company's liabilities and distribute to the members any remaining assets of a limited liability company, all without affecting the liability of members and without imposing liability on the liquidating trustee.

[ 1993, c. 718, Pt. A, §1 (NEW) .]

SECTION HISTORY

1993, c. 718, §A1 (NEW). 2009, c. 164, §4 (AMD). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).