(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 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 § 4-46-807, settle disputes by mediation or arbitration, and perform other necessary acts.
Structure Arkansas Code
Title 4 - Business and Commercial Law
Chapter 46 - Uniform Partnership Act (1996)
Subchapter 8 - Winding Up Partnership Business
§ 4-46-801. Events causing dissolution and winding up of partnership business
§ 4-46-802. Partnership continues after dissolution
§ 4-46-803. Right to wind up partnership business
§ 4-46-804. Partner's power to bind partnership after dissolution
§ 4-46-805. Statement of dissolution
§ 4-46-806. Partner's liability to other partners after dissolution
§ 4-46-807. Settlement of accounts and contributions among partners