50-73.119 - Right to wind up partnership business. - Virginia Statutes

§ 50-73.119. Right to wind up partnership business.

A. After dissolution, a partner who has not wrongfully dissociated mayparticipate in winding up the partnership's business, but on application ofany partner, partner's legal representative, or transferee, the circuitcourt, for good cause shown, may order judicial supervision of the winding up.

B. The legal representative of the last surviving partner may wind up apartnership's business.

C. A person winding up a partnership's business may preserve the partnershipbusiness or property as a going concern for a reasonable time, prosecute anddefend actions and proceedings, whether civil, criminal, or administrative,settle and close the partnership's business, dispose of and transfer thepartnership's property, discharge the partnership's liabilities, distributethe assets of the partnership pursuant to § 50-73.123, settle disputes bymediation or arbitration, and perform other necessary acts.

(1996, c. 292.)