13.1-1049 - Distribution of assets upon dissolution. - Virginia Statutes

§ 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.)