Upon the winding up of a limited liability company, the assets must be distributed as follows:(1) To creditors, including members and managers who are creditors to the extent permitted by law, to satisfy the liabilities of the limited liability company whether by payment or by the establishment of adequate reserves except for liabilities for distributions to members under IC 23-18-5-4, and IC 23-18-5-5 or IC 23-18-5-5.1.(2) Unless otherwise provided in a written operating agreement, to members and former members to satisfy the liabilities for distributions under IC 23-18-5-4 and IC 23-18-5-5.(3) Unless otherwise provided in a written operating agreement, to members in proportion to the returned contribution.As added by P.L.8-1993, SEC.301. Amended by P.L.269-1999, SEC.16.
Indiana Legal Code