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Maine Revised Statutes Title 31. Partnerships and Associations § 1597. Right to wind up business and activities

Current as of January 01, 2025 | Updated by Findlaw Staff

1. Wind up activities. After dissolution, the remaining members, if any, and if none, a person appointed by all holders of the transferable interest last transferred by the last person to have been a member, may wind up the limited liability company's activities.

2. Judicial supervision. The Superior Court may order judicial supervision of the winding up of a dissolved limited liability company, including the appointment of a person to wind up the limited liability company's activities:

A. On application of a member, if the applicant establishes good cause;

B. On the application of a transferee, if:

(1) The limited liability company does not have any members; and

(2) Within a reasonable time following the dissolution, a person has not been appointed pursuant to subsection 1; or

C. In connection with a proceeding under section 1595, subsection 1, paragraph E or F.

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Cite this article: FindLaw.com - Maine Revised Statutes Title 31. Partnerships and Associations § 1597. Right to wind up business and activities - last updated January 01, 2025 | https://codes.findlaw.com/me/title-31-partnerships-and-associations/me-rev-st-tit-31-sect-1597/

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