Texas Business Organizations Code - Section 12.258. Liquidation Of Insolvent Entity
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§ 12.258. LIQUIDATION OF INSOLVENT ENTITY. (a) A court
hearing a proceeding under Section 12.253 against an insolvent
entity may, after the entity has been shown to be insolvent, appoint
one or more receivers for the entity and its property. The receiver
may settle the affairs of the entity, collect outstanding debts,
and divide the money and property belonging to the entity among its
owners after paying the debts of the entity and all expenses
incidental to the judicial proceedings and receivership.
(b) The court may continue the existence of the entity for
three years and for additional reasonable time as necessary to
accomplish the purposes of this subchapter.
Acts 2003, 78th Leg., ch. 182, § 1, eff. Jan. 1, 2006.
Section: 12.251 12.252 12.253 12.254 12.255 12.256 12.257 12.258 12.259 12.260 12.261 20.001 20.002 21.001 21.002
Last modified: August 11, 2007
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