2006 Code of Virginia § 13.1-1049 - Distribution of assets upon dissolution

13.1-1049. Distribution of assets upon dissolution.

Upon the winding up of a limited liability company, the assets of the limitedliability company shall be distributed as follows:

1. To creditors, including members who are creditors, to the extent permittedby law, in satisfaction of liabilities of the limited liability company otherthan for distributions to members under 13.1-1031;

2. Unless otherwise provided in the articles of organization or an operatingagreement, to members and former members in satisfaction of liabilities fordistributions under 13.1-1031; and

3. Unless otherwise provided in the articles of organization or an operatingagreement, to members first for the return of their contributions and secondwith respect to their interests in the limited liability company, in theproportions in which the members share in distributions.

(1991, c. 168; 1996, c. 265.)