{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/50-73.119.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/50-73.119.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/50-73.119.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/50-73.119.html"}],"law_id":69069,"edition_id":1,"section_id":69069,"structure_id":14608,"section_number":"50-73.119","catch_line":"Right to wind up partnership business","history":"1996, c. 292.","full_text":"A\n\nAfter dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership’s business, but on application of any partner, partner’s legal representative, or transferee, the circuit court, for good cause shown, may order judicial supervision of the winding up.B\n\nThe legal representative of the last surviving partner may wind up a partnership’s business.C\n\nA person winding up a partnership’s business may preserve the partnership business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal, or administrative, settle and close the partnership’s business, dispose of and transfer the partnership’s property, discharge the partnership’s liabilities, distribute the assets of the partnership pursuant to § 50-73.123, settle disputes by mediation or arbitration, and perform other necessary acts.","order_by":null,"text":{"0":{"id":250019,"text":"After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership’s business, but on application of any partner, partner’s legal representative, or transferee, the circuit court, for good cause shown, may order judicial supervision of the winding up.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":250020,"text":"The legal representative of the last surviving partner may wind up a partnership’s business.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":250021,"text":"A person winding up a partnership’s business may preserve the partnership business or property as a going concern for a reasonable time, prosecute and defend actions and proceedings, whether civil, criminal, or administrative, settle and close the partnership’s business, dispose of and transfer the partnership’s property, discharge the partnership’s liabilities, distribute the assets of the partnership pursuant to § 50-73.123, settle disputes by mediation or arbitration, and perform other necessary acts.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14608,"edition_id":1,"name":"Winding up Partnership 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This law was first created in 1996. The record of its establishment is cataloged in chapter 292<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":75780,"section_number":"50-73.111","catch_line":"Effect of partner's dissociation","order_by":null,"url":"\/50-73.111\/"}],"refers_to":[{"id":78618,"section_number":"50-73.123","catch_line":"Settlement of accounts and contributions among partners","order_by":null,"url":"\/50-73.123\/"}],"permalink":{"id":234899,"object_type":"law","relational_id":69069,"identifier":"50-73.119","token":"50\/2.2\/8\/50-73.119","url":"\/50-73.119\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/50-73.119\/","token":"50\/2.2\/8\/50-73.119","dublin_core":{"Title":"Right to wind up partnership business","Type":"Text","Format":"text\/html","Identifier":"\u00a7 50-73.119","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership<\/span>’s business<\/span>, but on application of any partner, partner’s legal representative, or transferee, the circuit<\/span> court<\/span>, for good cause shown, may order<\/span> judicial supervision of the winding up. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The legal representative of the last surviving partner may wind up a partnership<\/span>’s business<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A person<\/span> winding up a partnership<\/span>’s business<\/span> may preserve the partnership<\/span> business<\/span> or property<\/span> as a going concern for a reasonable time, prosecute<\/span> and defend actions and proceedings, whether civil, criminal, or administrative, settle and close the partnership<\/span>’s business<\/span>, dispose of and transfer<\/span> the partnership<\/span>’s property<\/span>, discharge the partnership<\/span>’s liabilities, distribute the assets<\/span> of the partnership<\/span> pursuant to § 50-73.123<\/a>, settle disputes by mediation or arbitration, and perform other necessary acts. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRIGHT TO WIND UP PARTNERSHIP BUSINESS (\u00a7 50-73.119)\n\nA. After dissolution, a partner who has not wrongfully dissociated may\nparticipate in winding up the partnership’s business, but on application\nof any partner, partner’s legal representative, or transferee, the circuit\ncourt, for good cause shown, may order judicial supervision of the winding up.\n\nB. The legal representative of the last surviving partner may wind up a\npartnership’s business.\n\nC. A person winding up a partnership’s business may preserve the\npartnership business or property as a going concern for a reasonable time,\nprosecute and defend actions and proceedings, whether civil, criminal, or\nadministrative, settle and close the partnership’s business, dispose of\nand transfer the partnership’s property, discharge the partnership’s\nliabilities, distribute the assets of the partnership pursuant to §\n50-73.123, settle disputes by mediation or arbitration, and perform other\nnecessary acts.\n\nHISTORY: 1996, c. 292.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}