Judicial dissolution

(1) On application by or on behalf of a member, the Court may decree dissolution of a limited liability company, 70 (a) whenever it is not reasonably practicable to carry on the business of the limited liability company in conformity with the operating (b) unless otherwise provided in an operating agreement, the members or managers are deadlocked in the management of the limited liability company and irreparable injury to the limited liability company is threatened or being suffered or the business of the limited liability company cannot be conducted to the advantage of the members generally because of the deadlock; or (c) unless otherwise provided in an operating agreement, the members or managers of the limited liability company have acted or are acting in a manner that is illegal or fraudulent with respect to the business of the limited liability company or against public policy. (2) The Court has full power to wind up and liquidate the assets and business of a limited liability company and to appoint a receiver over the limited liability company, (a) on application by a limited liability company after dissolution to have its liquidation continued under the Court’s supervision; (b) in an action filed by any member after the issuance of a judgment of dissolution as provided in subsection (1) of this section.