(805 ILCS 180/35-4)
Right to wind up limited liability company's business.
(a) After dissolution, a member who has not wrongfully dissociated may
participate in winding up a limited liability
company's business, but
on application of any member, member's legal representative, or transferee, the
Circuit Court, for good cause shown, may order judicial supervision
of the winding up.
(b) A legal representative of the last surviving member may wind up a
limited liability company's business.
(c) A person winding up a limited liability company's business may preserve
the company's 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 company's business, dispose of
and transfer the company's property, discharge the company's liabilities,
distribute the assets of the company pursuant to Section 35-10, settle
disputes by mediation or arbitration, and perform other necessary acts.
(Source: P.A. 90-424, eff. 1-1-98.)