2006 Utah Code - 48-2c-1301 — Winding up defined.

     48-2c-1301.   Winding up defined.
     The winding up of a dissolved company is the process consisting of collecting all amounts owed to the company, selling or otherwise disposing of the company's assets and property, paying or discharging the taxes, debts and liabilities of the company or making provision for the payment or discharge, and distributing all remaining company assets and property among the members of the company according to their interests. There is no fixed time period for completion of winding up a dissolved company except that the winding up should be completed within a reasonable time under the circumstances.

Enacted by Chapter 260, 2001 General Session