On the winding up of a limited liability company, its assets shall be applied and distributed in the following order:
1. 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 distributions to members and former members under section 29-703 or 29-707.
3. To the members in the manner provided in section 29-703, subsection B.
Caution: The above language was taken from Arizona’s statutes on November 13, 2016. Check the Arizona legislature’s website to determine if this statute changed after November 13, 2016.