                                 CODE OF VIRGINIA

WINDING UP (§ 13.1-1236)

A. The winding up of a business trust shall be completed when all debts,
liabilities, and obligations of the business trust have been paid and discharged
or reasonably adequate provision therefor has been made, and all of the
remaining property and assets of the business trust have been distributed to the
beneficial owners.

B. Unless otherwise provided in the articles of trust or in the governing
instrument, upon the dissolution of a business trust, the trustees may wind up
the business trust&#8217;s affairs; however, the circuit court of the city or
county in which the registered office of the business trust is located, on cause
shown, may wind up the business trust&#8217;s affairs on application of any
beneficial owner, his legal representative, or assignee.

HISTORY: 2002, c. 621; 2008, c. 101.