                                 CODE OF VIRGINIA

RIGHT TO WIND UP PARTNERSHIP BUSINESS (§ 50-73.119)

A. After dissolution, a partner who has not wrongfully dissociated may
participate in winding up the partnership&#8217;s business, but on application
of any partner, partner&#8217;s legal representative, or transferee, the circuit
court, for good cause shown, may order judicial supervision of the winding up.

B. The legal representative of the last surviving partner may wind up a
partnership&#8217;s business.

C. A person winding up a partnership&#8217;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&#8217;s business, dispose of
and transfer the partnership&#8217;s property, discharge the partnership&#8217;s
liabilities, distribute the assets of the partnership pursuant to &#xA7;
50-73.123, settle disputes by mediation or arbitration, and perform other
necessary acts.

HISTORY: 1996, c. 292.