Effect of Filing of Statement of Intent to Dissolve;

Procedure After Filing such Statement.

(a)Upon the filing by the Department of Revenue and Taxation of a statement of intent to dissolve, the limited liability company shall cease to carry on its business, except insofar as may be necessary for the winding up of its business, but its separate existence shall continue until a certificate of dissolution has been issued by the Department of Revenue and Taxation or until a decree dissolving the limited liability company has been entered by a court of competent jurisdiction.

(b)Within 20 days after the Department of Revenue and Taxation has filed a statement of intent to dissolve, the limited liability company shall immediately cause notice thereof to be mailed to each creditor of, and claimant against, the limited liability company.

(c)The limited liability company shall proceed to collect its assets; convey and dispose of such of its properties as are not to be distributed in kind to its members; pay, satisfy, or discharge its liabilities and obligations or make adequate provisions for the payment or discharge thereof; and do all other acts required to liquidate its business and affairs. After paying or discharging all its obligations or making the adequate provision for payment or discharge thereof, the limited liability company may distribute the remainder of its assets, either in cash or in kind, among its members according to their respective rights and interests.