50-73.52:3 - Court proceedings. - Virginia Statutes

§ 50-73.52:3. Court proceedings.

A. A dissolved limited partnership that has published a notice under §50-73.52:2 may file an application with the circuit court of the city orcounty where the dissolved limited partnership's principal office, or, ifnone in the Commonwealth, its registered office, is or was last located for adetermination of the amount and form of security to be provided for paymentof claims that are contingent or have not been made known to the dissolvedlimited partnership or that are based on an event occurring after theeffective date of dissolution but that, based on the facts known to thedissolved limited partnership, are reasonably estimated to arise after theeffective date of dissolution. Provision need not be made for any claim thatis or is reasonably anticipated to be barred under subsection C of §50-73.52:2.

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

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 partnership.

D. Provision by the dissolved limited partnership for security in the amountand the form ordered by the court under subsection A shall satisfy thedissolved limited partnership's obligations with respect to claims that donot meet the definition of a claim in subsection D of § 50-73.52:1, and suchclaims may not be enforced against a partner who received assets inliquidation.

(2006, c. 912.)