§ 7-1.2-1320 - Decree of involuntary dissolution.
SECTION 7-1.2-1320
§ 7-1.2-1320 Decree of involuntarydissolution. – In proceedings to liquidate the assets and business of a corporation, when thecosts and expenses of the proceedings and all debts, obligations, andliabilities of the corporation have been paid and discharged and all of itsremaining property and assets distributed to its shareholders, or in case itsproperty and assets are not sufficient to satisfy and discharge the costs,expenses, debts, and obligations, all the property and assets have been appliedas far as they will go to their payment, the court shall enter a decreedissolving the corporation, at which time the existence of the corporationceases.