13.1-1236 - Winding up. - Virginia Statutes

§ 13.1-1236. Winding up.

A. The winding up of a business trust shall be completed when all debts,liabilities, and obligations of the business trust have been paid anddischarged or reasonably adequate provision therefor has been made, and allof the remaining property and assets of the business trust have beendistributed to the beneficial owners.

B. Unless otherwise provided in the articles of trust or in the governinginstrument, upon the dissolution of a business trust, the trustees may windup the business trust's affairs; however, the circuit court of the city orcounty in which the registered office of the business trust is located, oncause shown, may wind up the business trust's affairs on application of anybeneficial owner, his legal representative, or assignee.

(2002, c. 621; 2008, c. 101.)