Texas Business Organizations Code - Section 11.052. Winding Up Procedures
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§ 11.052. WINDING UP PROCEDURES. (a) Except as provided
by the title of this code governing the domestic entity, on the
occurrence of an event requiring winding up of a domestic entity,
unless the event requiring winding up is revoked under Section
11.151 or canceled under Section 11.152, the owners, members,
managerial officials, or other persons specified in the title of
this code governing the domestic entity shall, as soon as
reasonably practicable, wind up the business and affairs of the
domestic entity. The domestic entity shall:
(1) cease to carry on its business, except to the
extent necessary to wind up its business;
(2) if the domestic entity is not a partnership, send a
written notice of the winding up to each known claimant against the
domestic entity;
(3) collect and sell its property to the extent the
property is not to be distributed in kind to the domestic entity's
owners or members; and
(4) perform any other act required to wind up its
business and affairs.
(b) During the winding up process, the domestic entity may
prosecute or defend a civil, criminal, or administrative action.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 10.366 10.367 10.368 10.901 10.902 11.001 11.051 11.052 11.053 11.054 11.055 11.056 11.057 11.058 11.059
Last modified: August 11, 2007
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