2019 US Virgin Islands Code
Title 13 - Corporations and Associations
Chapter 15 - Uniform Limited Liability Company Act
Subchapter VIII - Winding Up Company's Business
§ 1803. Right to wind up limited liability company's business

Universal Citation: V.I. Code tit. 13, § 1803 (2019)
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  • (a) After dissolution, a member who has not wrongfully dissociated may participate in winding up a limited liability company's business, but on application of any member, member's legal representative, or transferee, the Superior Court, for good cause shown, may order judicial supervision of the winding up.

  • (b) A legal representative of the last surviving member may wind up a limited liability company's business.

  • (c) A person winding up a limited liability company's business may preserve the company's 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 company's business, dispose of and transfer the company's property, discharge the company's liabilities, distribute the assets of the company pursuant to section 1806 of this chapter, settle disputes by mediation or arbitration, and perform other necessary acts.

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