275.290 Judicial dissolution.

271 words·~1 min read·/ky/chapter-275/275-290

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The Circuit Court for the county in which the principal office of the limited liability

company is located, or, if none, in the county of the registered office, may dissolve a

limited liability company in a proceeding by a member if it is established that it is

not reasonably practicable to carry on the business of the limited liability company

in conformity with the operating agreement.

(2)If after a hearing the court determines that one

(1)or more grounds for judicial

dissolution exist, it may enter a decree of dissolution, and the clerk of the court shall

deliver a certified copy of the decree to the Secretary of State, who shall file it. The

dissolution shall be effective upon the filing of the decree by the Secretary of State

or a later date as is specified in the decree.

(3)After entering the decree of dissolution, the court shall direct the winding up and

liquidation of the limited liability company's business and affairs in accordance with

KRS 275.300 and the notification of claimants in accordance with KRS 275.320

and 275.325.

(4)The effect of dissolution under this section shall be as provided in KRS 275.300(2)

and (3).

(5)After dissolution pursuant to KRS 275.285 or otherwise, upon application of a

limited liability company, a member, or a creditor of the company, the appropriate

court may order judicial supervision of the winding up of the company, including

the appointment of a person to wind up the company's activities, if:

(a)After a reasonable time, the company has not wound up its activities; or

(b)The applicant establishes other good cause.