703 - Winding up.

§  703.  Winding  up.  (a)  In the event of a dissolution of a limited  liability company, except for a dissolution pursuant  to  section  seven  hundred  two of this article, unless otherwise provided in the operating  agreement, the members may  wind  up  the  limited  liability  company's  affairs. Upon cause shown, the supreme court in the judicial district in  which the office of the limited liability company is located may wind up  the  limited liability company's affairs upon application of any member,  or his or her  legal  representative  or  assignee,  and  in  connection  therewith may appoint a receiver or liquidating trustee.    (b)  Upon  dissolution  of  a  limited  liability company, the persons  winding up the limited liability company's affairs may, in the  name  of  and  for  and  on behalf of the limited liability company, prosecute and  defend suits, whether civil,  criminal  or  administrative,  settle  and  close  the  limited  liability company's business, dispose of and convey  the  limited  liability  company's  property,  discharge   the   limited  liability  company's  liabilities  and  distribute  to  the  members any  remaining assets of the limited liability company, all without affecting  the liability of members including members participating in the  winding  up of the limited liability company's affairs.