Winding Up and Liquidation. (a) Upon the dissolution of the Company, its affairs shall be wound up as soon as practicable thereafter by the Member. Except as otherwise provided in subsection (c) of this Section 6.2, in winding up the Company and liquidating the assets thereof, the Managers, or other person so designated for such purpose, may arrange for the collection and disbursement to the Member of any future receipts from the Company property or other sums to which the Company may be entitled, or may sell the Company’s interest in the Company property to any person, including persons related to the Member, on such terms and for such consideration as shall be consistent with obtaining the fair market value thereof.
Winding Up and Liquidation. Upon the dissolution of the Company, the affairs of the Company must be wound up by the Member. If the affairs of the Company are to be wound up, a full account must be taken of the assets and liabilities of the Company, and the assets of the Company must then be promptly liquidated. The proceeds must first be paid to creditors of the Company in satisfaction of all liabilities and obligations of the Company, including, to the extent permitted by law, liabilities and obligations owed to the Member as a creditor. Any remaining proceeds may then be distributed to the Member. Property of the Company may be distributed in kind in the process of winding up and liquidation.
Winding Up and Liquidation. Upon the occurrence of a Dissolution Event, the Member holding the greatest number of Units (the “Liquidator”) shall cause a full accounting of the assets and liabilities of the Company to be taken and shall cause the assets to be liquidated and the business of the Company to be wound up as promptly as possible. To the extent permitted by the Act, the proceeds of such liquidation shall be applied, first, to creditors in satisfaction of liabilities of the Company (whether by payment or by making of reasonable provision for payment), including any loans to the Company by Members, and any remaining assets of the Company shall be distributed in accordance with Section 4.4. The holders of Units shall continue to share distributions, profits, losses and allocations during the period of liquidation in accordance with Articles 3, 4 and 5. Except as otherwise authorized by the Board, the Liquidator shall not be entitled to any special compensation for serving as the liquidator of the Company.
Winding Up and Liquidation. On dissolution of the partnership, if the partnership business is not continued pursuant to subsection (b) of this article, it shall be wound up and liquidated as quickly as circumstances will allow. The assets of the partnership shall be applied to partnership liabilities in the following order:
Winding Up and Liquidation. At least one (1) year before the Company’s expiry date, Managing Partner shall obtain a decision from the general partners and the Extraordinary General Meeting of Shareholders as to whether or not the Company should be extended. On expiry of the term laid down in the Memorandum and Articles of Association (where appropriate, as extended) or in the event that the Company is wound-up early, the general partners and the Ordinary General Meeting of Shareholders shall decide the method of liquidation and appoint the liquidator(s) whose powers and term of office they shall determine. The net proceeds of the liquidation, after settlement of the liabilities, shall be used to repay all the paid- up share capital that has not been redeemed. 0.5 % of any surplus shall be distributed to the general partners (to be shared in the same proportion as the distribution of losses specified herein) and the balance to the shareholders (to be shared in proportion to their respective number of shares in the capital). The death of one of the general partners and, in the event that there are several general partners, the fact that one of them is placed in judicial administration or liquidation, is prohibited from carrying on a commercial profession or the incapacity of one of them shall not result in the Company being wound- up. However, if, the Company no longer has a general partner, the Extraordinary General Meeting of Shareholders must meet as soon as possible to appoint one or more new general partners or to change the form of the Company. The cessation of duties of one or more Managing Partner(s), irrespective of the reason therefor, shall not result in the Company being wound-up.
Winding Up and Liquidation. Upon the dissolution of the Company, the Company shall cease to engage in any further business, except to the extent necessary to perform existing obligations, and shall wind up its affairs and liquidate its assets. Such Person(s) as may be selected by the Governing Board (the “Liquidator”), shall wind up and liquidate the Company’s business and affairs.
Winding Up and Liquidation. 12.2.1 Upon the dissolution of the Company, the Managers or their designee shall wind up the Company’s affairs in accordance with the Delaware Act. In winding up the affairs of the Company, the Managers are authorized to take any and all actions contemplated by the Delaware Act as permissible, including, without limitation:
Winding Up and Liquidation. Except as otherwise provided in this Agreement, upon dissolution of the Company the Managing Member shall designate a liquidator (the “Liquidator”) whom shall wind up the affairs of the Company and distribute the assets of the Company in accordance with the DLLC Act and Section 3.6 of this Agreement.
Winding Up and Liquidation. After the Partnership shall be dissolved pursuant to the provisions of Sections 12.1 or 12.2, the Management Committee shall continue to exercise its powers under this Agreement for the purpose of winding up the business of the Partnership and liquidating its assets in an orderly manner, but the Partnership shall engage in no new business during the period of such winding up.
Winding Up and Liquidation. Such period of time as determined by the General Partner in its reasonable discretion shall be allowed for the orderly winding up and liquidation of the assets of the Partnership and the discharge of liabilities to creditors so as to enable the Partnership to seek to minimize potential losses upon such liquidation. In connection with the winding up of the Partnership, the General Partner may take any and all actions that it determines in its reasonable discretion to be necessary or desirable to enhance or protect the value of the assets of the Partnership, including the use of xxxxxx, the making of follow-on investments, the reinvestment of undistributed cash and similar actions.
