When the certificate of formation of any LLC shall be canceled pursuant to this subtitle, the Court of First Instance (Superior Part), on application of any creditor, member or manager of the LLC, or any other person who shows good cause therefor, at any time, may either appoint one (1) or more of the managers of the LLC to be trustees, or appoint one (1) or more persons to be receivers, of and for the corporation, to take charge of the corporation’s property, and to collect the debts and property due and belonging to the corporation, with the power to prosecute and defend, in the name of the corporation, or otherwise, all such suits as may be necessary or proper for the purposes aforesaid, and to appoint an agent or agents under them, and to do all other acts which might be done by the corporation, if in being, that may be necessary for the final settlement of the unfinished business of the corporation. The powers of the trustees or receivers may be continued as long as the Court of First Instance (Superior Part) shall deem necessary for the purposes aforesaid.\nHistory —Dec. 16, 2009, No. 164, § 19.51.
Puerto Rico Legal Code