§ 13.1-749 — Decree of dissolution

Virginia § 13.1-749

• Jurisdiction: Virginia
• Title 13.1: CORPORATIONS
• Ch. 9: VIRGINIA STOCK CORPORATION ACT
• Art. 16: DISSOLUTION

Text

A. If after a hearing the court determines that one or more grounds for judicial dissolution described in § 13.1-747 exist, it may enter a decree directing that the corporation shall be dissolved. The clerk of the court shall deliver a certified copy of the decree to the Commission, which shall enter an order of involuntary dissolution.

B. After the order of involuntary dissolution has been entered, the court shall direct the winding up and liquidation of the corporation's business and affairs in accordance with § 13.1-745 and the notification of claimants in accordance with §§ 13.1-746, 13.1-746.1, and 13.1-746.2. When all of the assets of the corporation have been distributed to its creditors and shareholders, the court shall so advise the Commission, which shall enter an order of termination of corporate existence.

Legislative History

Code 1950, § 13.1-99; 1956, c. 428; 1985, c. 522; 2005, c. 765.