Nebraska Statutes 21-148. Winding up
(RULLCA 702) (a) A dissolved limited liability company shall wind up its activities, and the company continues after dissolution only for the purpose of winding up.
Terms Used In Nebraska Statutes 21-148
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Company shall: include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- State: when applied to different states of the United States shall be construed to extend to and include the District of Columbia and the several territories organized by Congress. See Nebraska Statutes 49-801
(b) In winding up its activities, a limited liability company:
(1) shall:
(A) discharge the company’s debts, obligations, or other liabilities, settle and close the company’s activities, and marshal and distribute the assets of the company; and
(B) deliver to the Secretary of State for filing a statement of dissolution stating the name of the company and that the company is dissolved; and
(2) may:
(A) preserve the company activities and property as a going concern for a reasonable time;
(B) prosecute and defend actions and proceedings, whether civil, criminal, or administrative;
(C) transfer the company’s property;
(D) settle disputes by mediation or arbitration;
(E) deliver to the Secretary of State for filing a statement of termination stating the name of the company and that the company is terminated; and
(F) perform other acts necessary or appropriate to the winding up.
(c) If a dissolved limited liability company has no members, the legal representative of the last person to have been a member may wind up the activities of the company. If the person does so, the person has the powers of a sole manager under subsection (c) of section 21-136 and is deemed to be a manager for the purposes of subdivision (a)(2) of section 21-129.
(d) If the legal representative under subsection (c) of this section declines or fails to wind up the company’s activities, a person may be appointed to do so by the consent of transferees owning a majority of the rights to receive distributions as transferees at the time the consent is to be effective. A person appointed under this subsection:
(1) has the powers of a sole manager under subsection (c) of section 21-136 and is deemed to be a manager for the purposes of subdivision (a)(2) of section 21-129 ; and
(2) shall promptly deliver to the Secretary of State for filing an amendment to the company’s certificate of organization to:
(A) state that the company has no members;
(B) state that the person has been appointed pursuant to this subsection to wind up the company; and
(C) provide the street and mailing addresses of the person.
(e) The district 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 company’s activities:
(1) on application of a member, if the applicant establishes good cause;
(2) on the application of a transferee, if:
(A) the company does not have any members;
(B) the legal representative of the last person to have been a member declines or fails to wind up the company’s activities; and
(C) within a reasonable time following the dissolution a person has not been appointed pursuant to subsection (d) of this section; or
(3) in connection with a proceeding under subdivision (a)(4) or (5) of section 21-147.