(a) The limited liability company is terminated on the later of:
(1) The date on which the Department accepts for record the articles of cancellation filed pursuant to § 4A-909 of this subtitle; or
(2) The effective date of the articles of cancellation.
(b) Notwithstanding the filing of articles of cancellation, the limited liability company continues to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs.