31 §706. Known claims against dissolved limited liability company (WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
Title 31: PARTNERSHIPS AND ASSOCIATIONS
Chapter 13: LIMITED LIABILITY COMPANIES
Subchapter 9: DISSOLUTION
§706. Known claims against dissolved limited liability company
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE UNTIL 7/1/11)
1. Filing of claims. In proceedings to liquidate the assets and business of a limited liability company, the court may require all creditors of the limited liability company to file with the clerk of the court or with the receiver, in a form the court may prescribe, proofs under oath of their respective claims. If the court requires the filing of claims, it shall set a date, which is less than 4 months from the date of the order, as the last day for the filing of claims, and shall prescribe the written notice that must be given to creditors and claimants of the date set. Prior to the date set, the court may extend the time set for the filing of claims. Creditors and claimants failing to file proofs of claim on or before the date set may be barred, or may be permitted, by the court as it considers appropriate, to participate in the distribution of the assets of the limited liability company.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
2. Priorities in case of insolvency. If it is determined in the course of the proceedings that the assets of the limited liability company, after subtracting the expenses of liquidating them and the expenses of the proceeding, are less than the debts of the limited liability company, all attachments made within 4 months before the commencement of the action are dissolved.
[ 1993, c. 718, Pt. A, §1 (NEW) .]
SECTION HISTORY
1993, c. 718, §A1 (NEW). 2009, c. 629, Pt. A, §1 (RP). 2009, c. 629, Pt. A, §3 (AFF).