13.1-1049.3 - Court proceedings. - Virginia Statutes

§ 13.1-1049.3. Court proceedings.

A. A dissolved limited liability company that has complied with the noticerequirements of § 13.1-1049.2 may file an application with the circuit courtof the city or county where the dissolved limited liability company'sprincipal office, or, if none in the Commonwealth, its registered office, isor was last located for a determination of the amount and form of security tobe provided for payment of claims that (i) are contingent or have not beenmade known to the dissolved limited liability company or that are based on anevent occurring after the effective date of dissolution but that, based onthe facts known to the dissolved limited liability company, are reasonablyestimated to arise after the effective date of dissolution or (ii) are basedon a liability the ultimate maturity of which is more than 60 days afterdelivery of written notice to the claimant pursuant to subsection B of §13.1-1049.1. Provision need not be made for any claim that is or isreasonably anticipated to be barred under subsection C of § 13.1-1049.2.

B. Within 10 days after the filing of the application, notice of theproceeding shall be given by the dissolved limited liability company to eachclaimant holding a contingent claim whose contingent claim is shown on therecords of the dissolved limited liability company.

C. The court may appoint a guardian ad litem to represent all claimants whoseidentities are unknown in any proceeding brought under this section. Thereasonable fees and expenses of such guardian, including all reasonableexpert witness fees, shall be paid by the dissolved limited liability company.

D. Provision by the dissolved limited liability company for security in theamount and the form ordered by the court under subsection A shall satisfy thedissolved limited liability company's obligations with respect to claims thatdo not meet the definition of a claim in subsection D of § 13.1-1049.1, andsuch claims may not be enforced against a member who received assets inliquidation.

(2006, c. 912; 2009, c. 763.)