CODE OF VIRGINIA

DISTRIBUTION OF ASSETS UPON DISSOLUTION (§ 13.1-1049)

Upon the winding up of a limited liability company, the assets of the limited
liability company shall be distributed as follows:

   1.  To creditors, including members who are creditors, to the extent permitted
   by law, in satisfaction of liabilities of the limited liability company other
   than for distributions to members under § 13.1-1031;

   2.  Unless otherwise provided in the articles of organization or an operating
   agreement, to members and former members in satisfaction of liabilities for
   distributions under § 13.1-1031; and

   3.  Unless otherwise provided in the articles of organization or an operating
   agreement, to members first for the return of their contributions and second
   with respect to their interests in the limited liability company, in the
   proportions in which the members share in distributions.

HISTORY: 1991, c. 168; 1996, c. 265.