Distribution on winding up

On the winding up of a limited liability company, its assets shall be applied and distributed in the following order, (a) to the Government of Belize for any outstanding taxes, fees or charges; (b) to a registered agent or other company service provider in Belize for outstanding fees and disbursements; (c) to employees (including managers) for outstanding wages; (d) to creditors, including members who are creditors, to the extent permitted by law, in satisfaction of liabilities of the limited liability company other than liabilities for to and former members under sections 43 or 47 of this Act. If the liabilities of the company exceed its assets, the manager may apply the assets of the company in whatever manner the manager deems most appropriate and the manager may prefer one or more creditors, including creditors who are members or managers, over other creditors; (e) except as provided in an operating agreement, to and former in satisfaction of liabilities for distributions under section 43 or 47 of this Act; (f) to the members in the manner provided in section 43(2) of this Act.