(a) After dissolution, a member who has not wrongfully dissociated may participate in winding up a limited liability company‘s business; provided that on application of any member, member’s legal representative, or transferee, the circuit court, for good cause shown, may order judicial supervision of the winding up.
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Terms Used In Hawaii Revised Statutes 428-803

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Business: includes every trade, occupation, profession, and other lawful purpose, whether or not carried on for profit. See Hawaii Revised Statutes 428-101
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Limited liability company: means a limited liability company organized under this chapter. See Hawaii Revised Statutes 428-101
  • Person: includes any individual or entity. See Hawaii Revised Statutes 428-101
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Transfer: includes an assignment, conveyance, deed, bill of sale, lease, mortgage, security interest, encumbrance, and gift. See Hawaii Revised Statutes 428-101
(b) A legal representative of the last surviving member may wind up a limited liability company’s business.
(c) A person winding up a limited liability company’s business may preserve the company’s 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 company’s business, dispose of and transfer the company’s property, discharge the company’s liabilities, distribute the assets of the company pursuant to section 428-806, settle disputes by mediation or arbitration, and perform other necessary acts and may publish notice of intent to terminate as provided in section 428-808.

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