Section 10-12-39 Winding up. - Alabama Statutes

Section 10-12-39

Winding up.

(a) Except as otherwise provided in the articles of organization or the operating agreement, the members who have not wrongfully dissolved a limited liability company may wind up the limited liability company's business and affairs.

(b) A person winding up a limited liability company's business may: Preserve the company 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 limited liability company's business; dispose of and transfer property; discharge the limited liability company's liabilities; distribute the assets of the limited liability company pursuant to Section 10-12-41; and perform other necessary and appropriate acts.

(Acts 1993, No. 93-724, p. 1425, §39.)