§ 10-33-108 — Procedure in involuntary or supervised voluntary dissolution

1. In dissolution proceedings the court may issue injunctions, appoint receivers with all
powers and duties the court directs, take other actions required to preserve the
corporate assets wherever situated, and carry on the activities of the corporation until
a full hearing can be held.
2. When a proceeding involving a corporation described in subsection 1 of section
10-33-122 is begun, the court shall order that a copy of the petition be served on the
attorney general. In all proceedings under this section, the attorney general has a right
to participate as a party.
3. After a full hearing has been held, upon whatever notice the court directs to be given
to all parties to the proceedings and to any other parties in interest designated by the
court, the court may appoint a receiver to collect the corporate assets. A receiver has
authority, subject to the order of the court, to continue the activities of the corporation
and to sell, lease, transfer, or otherwise dispose of all or any of the property and
assets of the corporation either at public or private sale.
4. The assets of the corporation or the proceeds resulting from a sale, lease, transfer, or
other disposition must be applied in the following order of priority to the payment and
discharge of:
a. Assets received and held for a special use or purpose must be distributed
pursuant to subsection 2 of section 10-33-105;
b. The costs and expenses of the proceedings, including attorney's fees and
disbursements;
c. Debts, taxes, and assessments due the United States, this state and its
subdivisions, and other states and their subdivisions, in that order;
d. Claims duly proved and allowed to employees under title 65. Claims under this
subdivision may not be allowed if the corporation carried workforce safety and
insurance coverage, as provided by law, at the time the injury was sustained;
e. Claims, including the value of all compensation paid in any medium other than
money, duly proved and allowed to employees for services performed within three
months preceding the appointment of the receiver, if any; and
f. Other claims duly proved and allowed.
5. After payment of the expenses of receivership and claims of creditors duly proved, the
remaining assets, if any, must be distributed in accordance with section 10-33-105.