(805 ILCS 206/803)
Sec. 803.
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 appropriate 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'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 807, settle disputes by mediation or
arbitration, and
perform other necessary acts.
(Source: P.A. 92-740, eff. 1-1-03.)
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