Upon the winding up of a limited liability company, the assets of the company shall be distributed in the following manner and order of priority:
(1) payment, or adequate provision for payment, to creditors, including, to the extent permitted by law, members who are creditors and not covered by (2) of this section, in satisfaction of the liabilities of the company;
(2) unless otherwise provided in an operating agreement of the company, payment to members or former members in satisfaction of the company's liabilities for distributions under AS 10.50.295 - 10.50.330;
(3) unless otherwise provided in an operating agreement of the company, to members and former members in the following order of priority:
(A) for the return of their contributions; and
(B) in proportion to the members' respective rights to share in distributions from the company before dissolution.
Structure Alaska Statutes
Title 10. Corporations and Associations
Chapter 50. Alaska Revised Limited Liability Company Act
Sec. 10.50.405. Dissolution by court.
Sec. 10.50.408. Involuntary dissolution by commissioner.
Sec. 10.50.410. Authority to wind up.
Sec. 10.50.415. Acts of winding up.
Sec. 10.50.420. Agency power of manager or member after dissolution.
Sec. 10.50.425. Distribution of assets.
Sec. 10.50.430. Articles of dissolution.
Sec. 10.50.435. Known claims against dissolved limited liability company.
Sec. 10.50.440. Unknown claims against dissolved limited liability company.