1. A dissolved limited liabilitycompany shall wind up its activities and affairs, and except as otherwise provided in section 489.703, the company continues after dissolution only for the purpose of winding up. 2. In winding up its activities and affairs, all of the following apply to a limited liability company: a. Itshall discharge the limited liabilitycompany’s debts, obligations, and other liabilities, settle and close the company’s activities and affairs, and marshal and distribute the assets of the company. b. Itmay do all of the following: (1) Deliver to the secretary of state for filinga statement of dissolution stating the name of the limited liability company and that the company is dissolved. (2) Preserve the limited liability company activities, affairs, and property as a going concern for a reasonable time. (3) Prosecute and defend actions and proceedings, whether civil, criminal, or administrative. (4) Transfer the limited liabilitycompany’s property. (5) Settle disputes by mediation or arbitration. (6) Deliver to the secretary of state for filing a statement of termination stating the name of the limited liability company and that the company is terminated. (7) Perform other acts necessary or appropriate to the winding up. 3. Ifa dissolved limited liabilitycompany has no members, the legal representative of the last person to have been a member may wind up the activities and affairs of the company. Ifthe person does so, the person has the powers of a sole manager under section 489.407, subsection 3,and is deemed to be amanager for the purposes ofsection 489.304, subsection 1. 4. Ifthe legal representative under subsection 3 declines or fails to wind up the limited liabilitycompany’s activities and affairs, 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 isto be effective. All of the following apply to a person appointed under this subsection: a. The person has the powers of a sole manager under section 489.407, subsection 3, and isdeemed to be a manager for the purposes of section 489.304, subsection 1. b. The person shall deliver promptly to the secretary of state for filing an amendment to the limited liability company’s certificate of organization stating all of the following: (1) That the limited liability company has no members. (2) The name and street and mailing addresses of the person. (3) That the person has been appointed pursuant to this subsection to wind up the limited liabilitycompany’s activities and affairs. 5. Thedistrictcourt may order judicial supervision of the winding up of a dissolved limited liabilitycompany, including the appointment of a person to wind up the company’s activities and affairs pursuant to any of the following: a. On application of a member, ifthe applicant establishes good cause. b. On the application of a transferee, ifall of the following apply: (1) The limited liability company does not have any members. (2) The legal representative of the last person to have been a member declines or fails to wind up the limited liability company’s activities and affairs. (3) Within a reasonable time following the dissolution a person has not been appointed pursuant to subsection 3. c. In connection with a proceeding under section 489.701, subsection 1, paragraph “d”.
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