TITLE 30

CORPORATIONS

CHAPTER 25

LIMITED LIABILITY COMPANIES

PART 7

DISSOLUTION AND WINDING UP

30-25-706.  COURT PROCEEDINGS. (a) A dissolved limited liability company that has published a notice under section 30-25-705, Idaho Code, may file an application with the district court in the county where the company’s principal office is located or, if the principal office is not located in this state, where the office of its registered agent is or was last located, for a determination of the amount and form of security to be provided for payment of claims that are reasonably expected to arise after the date of dissolution based on facts known to the company and:

(1)  At the time of application:

(A)  Are contingent; or

(B)  Have not been made known to the company; or

(2)  Are based on an event occurring after the date of dissolution.

(b)  Security is not required for any claim that is or is reasonably anticipated to be barred under section 30-25-705, Idaho Code.

(c)  Not later than ten (10) days after the filing of an application under subsection (a) of this section, the dissolved limited liability company shall give notice of the proceeding to each claimant holding a contingent claim known to the company.

(d)  In a proceeding under this section, the court may appoint a guardian ad litem to represent all claimants whose identities are unknown. The reasonable fees and expenses of the guardian, including all reasonable expert witness fees, must be paid by the dissolved limited liability company.

(e)  A dissolved limited liability company that provides security in the amount and form ordered by the court under subsection (a) of this section satisfies the company’s obligations with respect to claims that are contingent, have not been made known to the company, or are based on an event occurring after the date of dissolution, and such claims may not be enforced against a member or transferee on account of assets received in liquidation.

History:

[30-25-706, added 2015, ch. 243, sec. 49, p. 894.]