Section 30-25-702 - WINDING UP(a) A dissolved limited liability company shall wind up its activities and affairs and, except as otherwise provided in section 30-25-703, Idaho Code, the company continues after dissolution only for the purpose of winding up.(b) In winding up its activities and affairs, a limited liability company: (1) Shall discharge the company's debts, obligations, and other liabilities, settle and close the company's activities and affairs, and marshal and distribute the assets of the company; and(2) May: (A) Deliver to the secretary of state for filing a statement of dissolution stating the name of the company and that the company is dissolved;(B) Preserve the company activities, affairs, and property as a going concern for a reasonable time;(C) Prosecute and defend actions and proceedings, whether civil, criminal, or administrative;(D) Transfer the company's property;(E) Settle disputes by mediation or arbitration;(F) Deliver to the secretary of state for filing a statement of termination stating the name of the company and that the company is terminated; and(G) Perform other acts necessary or appropriate to the winding up.(c) If a dissolved limited liability company has no members, the legal representative of the last person to have been a member may wind up the activities and affairs of the company. If the person does so, the person has the powers of a sole manager under section 30-25-407(c), Idaho Code, and is deemed to be a manager for the purposes of section 30-25-304(a), Idaho Code.(d) If the legal representative under subsection (c) of this section declines or fails to wind up the limited liability company's activities and affairs, a person may be appointed to do so by the consent of transferees owning a majority of the rights to receive distributions as transferees at the time the consent is to be effective. A person appointed under this subsection: (1) Has the powers of a sole manager under section 30-25-407(c), Idaho Code, and is deemed to be a manager for the purposes of section 30-25-304(a), Idaho Code; and(2) Shall deliver promptly to the secretary of state for filing an amendment to the company's certificate of organization stating:(A) That the company has no members;(B) The name and street and mailing addresses of the person; and(C) That the person has been appointed pursuant to this subsection to wind up the company.(e) The district court may order judicial supervision of the winding up of a dissolved limited liability company, including the appointment of a person to wind up the company's activities and affairs:(1) On the application of a member, if the applicant establishes good cause;(2) On the application of a transferee, if: (A) The company does not have any members;(B) The legal representative of the last person to have been a member declines or fails to wind up the company's activities; and(C) Within a reasonable time following the dissolution, a person has not been appointed pursuant to subsection (c) of this section; or(3) In connection with a proceeding under section 30-25-701(a), Idaho Code.[30-25-702, added 2015, ch. 243, sec. 49, p. 891.]Added by 2015 Session Laws, ch. 243,sec. 49, eff. 7/1/2015.