50-73.137:4 - Court proceedings. - Virginia Statutes

§ 50-73.137:4. Court proceedings.

A. A dissolved limited liability partnership that has published a noticeunder § 50-73.137:3 may file an application with the circuit court of thecity or county where the dissolved 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 dissolvedpartnership or that are based on an event occurring after the effective dateof dissolution but that, based on the facts known to the dissolvedpartnership, are reasonably estimated to arise after the effective date ofdissolution. Provision need not be made for any claim that is or isreasonably anticipated to be barred under subsection C of § 50-73.137:3.

B. Within 10 days after the filing of the application, notice of theproceeding shall be given by the dissolved partnership to each claimantholding a contingent claim whose contingent claim is shown on the records ofthe dissolved 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 partnership.

D. Provision by the dissolved partnership for security in the amount and theform ordered by the court under subsection A shall satisfy the dissolvedpartnership's obligations with respect to claims that do not meet thedefinition of a claim in subsection D of § 50-73.137:2, and such claims maynot be enforced against a partner who received assets in liquidation.

(2006, c. 912.)