§ 50-73.119. Right to wind up partnership business
A. After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership's business, but on application of any partner, partner's legal representative, or transferee, the circuit court, for good cause shown, may order judicial supervision of the winding up.
B. The legal representative of the last surviving partner may wind up a partnership's business.
C. A person winding up a partnership's business may preserve the partnership business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal, or administrative, settle and close the partnership's business, dispose of and transfer the partnership's property, discharge the partnership's liabilities, distribute the assets of the partnership pursuant to § 50-73.123, settle disputes by mediation or arbitration, and perform other necessary acts.
(1996, c. 292.)
Sections: Previous 50-73.112 50-73.113 50-73.114 50-73.115 50-73.116 50-73.117 50-73.118 50-73.119 50-73.120 50-73.121 50-73.122 50-73.123 50-73.124 50-73.125 50-73.126 NextLast modified: April 16, 2009