                                 CODE OF VIRGINIA

COURT PROCEEDINGS (§ 13.1-908.2)

A. A dissolved corporation that has published a notice under &#xA7; 13.1-908.1
may file an application with the circuit court of the city or county where the
dissolved corporation&#8217;s principal office, or, if none in the Commonwealth,
its registered office, is or was last located for a determination of the amount
and form of security to be provided for payment of claims that are contingent or
have not been made known to the dissolved corporation or that are based on an
event occurring after the effective date of dissolution but that, based on the
facts known to the dissolved corporation, are reasonably estimated to arise
after the effective date of dissolution. Provision need not be made for any
claim that is or is reasonably anticipated to be barred under subsection C of
&#xA7; 13.1-908.1.

B. Within 10 days after the filing of the application, notice of the proceeding
shall be given by the dissolved corporation to each claimant holding a
contingent claim whose contingent claim is shown on the records of the dissolved
corporation.

C. The court may appoint a guardian ad litem to represent all claimants whose
identities are unknown in any proceeding brought under this section. The
reasonable fees and expenses of such guardian, including all reasonable expert
witness fees, shall be paid by the dissolved corporation.

D. Provision by the dissolved corporation for security in the amount and the
form ordered by the court under subsection A shall satisfy the dissolved
corporation&#8217;s obligations with respect to claims that do not meet the
definition of a claim in subsection D of &#xA7; 13.1-908, and such claims may
not be enforced against a member who received assets in liquidation.

HISTORY: 2007, c. 925.