Virginia § 50-73.119 - Right to wind up partnership business
Full text of Virginia Code of Virginia § 50-73.119 — Right to wind up partnership business, with citation guidance and answers to common questions.
§ 50-73.119. Right to wind up partnership business
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 circuit 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 § 50-73.123, settle disputes by mediation or arbitration, and perform other necessary acts.
1996, c. 292.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 50-73.119
What does Code of Virginia § 50-73.119 cover?
Section 50-73.119 ("Right to wind up partnership business") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 50-73.119?
A common citation format is "Code of Virginia § 50-73.119" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 50-73.119 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.