§ 17-16-1434 — 17-16-1432. Receivership or custodianship

Wyoming § 17-16-1434

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 16: WYOMING BUSINESS CORPORATION ACT
• Art. 14: DISSOLUTION

Text

(a) A court in a judicial proceeding brought to dissolve a
corporation may appoint one (1) or more receivers to wind up and
liquidate, or one (1) or more custodians to manage, the business
and affairs of the corporation. The court shall hold a hearing,
after notifying all parties to the proceeding and any interested
persons designated by the court, before appointing a receiver or
custodian. The court appointing a receiver or custodian has
exclusive jurisdiction over the corporation and all of its
property wherever located.
(b) The court may appoint an individual or a domestic or
foreign corporation authorized to transact business in this
state as a receiver or custodian. The court may require the
receiver or custodian to post bond, with or without sureties, in
an amount the court directs.
(c) The court shall describe the powers and duties of the
receiver or custodian in its appointing order, which may be
amended from time to time. Among other powers:
(i) The receiver may:
(A) Dispose of all or any part of the assets of
the corporation wherever located, at a public or private sale,
if authorized by the court; and
(B) Sue and defend in his own name as receiver
of the corporation in all Wyoming courts.
(ii) The custodian may exercise all of the powers of
the corporation, through or in place of its board of directors
or officers, to the extent necessary to manage the affairs of
the corporation in the best interests of its shareholders and
creditors.
(d) The court during a receivership may redesignate the
receiver a custodian, and during a custodianship may redesignate
the custodian a receiver, if doing so is in the best interests
of the corporation, its shareholders and creditors.
(e) The court from time to time during the receivership or
custodianship may order compensation paid and expense
disbursements or reimbursements made to the receiver or
custodian and his counsel from the assets of the corporation or
proceeds from the sale of the assets.