The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 11 : Corporations, Partnerships and Associations
Chapter 022 : Partnerships
Subchapter 008 : Winding up Partnership Business
(Cite as: 11 V.S.A. § 3273)-
§ 3273. Right to wind up partnership business
(a) After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership’s business, but on application of any partner, partner’s legal representative, or transferee, the Superior Court, for good cause shown, may order judicial supervision of the winding up. Venue for such a proceeding lies in the county where the partnership’s principal office is or was located.
(b) The legal representative of the last surviving partner may wind up a partnership’s business.
(c) A person winding up a partnership’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’s business, dispose of and transfer the partnership’s property, discharge the partnership’s liabilities, distribute the assets of the partnership pursuant to section 3277 of this title, settle disputes by mediation or arbitration, and perform other necessary acts. (Added 1997, No. 149 (Adj. Sess.), § 1, eff. Jan. 1, 1999.)
