Pennsylvania § 5982 Proceedings upon application of creditor

Pennsylvania Statutes

§ 5982 — Proceedings upon application of creditor

Pennsylvania·Title 15 CORPORATIONS AND UNINCORPORATED ASSOCIATIONS·Part PART II·Ch. 59 AMENDMENTS, SALE OF ASSETS·Subch. INVOLUNTARY LIQUIDATION AND DISSOLUTION

Upon application filed by a creditor of a nonprofit corporation whose claim has either been reduced to judgment and an execution thereon returned unsatisfied or whose claim is admitted by the corporation, the court may entertain proceedings for the involuntary winding up and dissolution of the corporation when, in either case, it is made to appear that the corporation is unable to discharge its liabilities in the regular course of business, as they mature, or is unable to afford reasonable security to those who may deal with it.

Free access — add to your briefcase to read the full text and ask questions with AI

Upon application filed by a creditor of a nonprofit corporation whose claim has either been reduced to judgment and an execution thereon returned unsatisfied or whose claim is admitted by the corporation, the court may entertain proceedings for the involuntary winding up and dissolution of the corporation when, in either case, it is made to appear that the corporation is unable to discharge its liabilities in the regular course of business, as they mature, or is unable to afford reasonable security to those who may deal with it.

Pennsylvania § 5982 (Proceedings upon application of creditor) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.