(a) In an action by a creditor, the superior court may liquidate the assets and business of a corporation when
(1) the claim of the creditor has been reduced to judgment and an execution on the judgment has been returned unsatisfied and it is established that the corporation is insolvent; or
(2) the corporation has admitted in writing that the claim of the creditor is due and owing and it is established that the corporation is insolvent.
(b) In this section "insolvent" means inability of a corporation to pay its debts as they become due in the usual course of its business.
Section: Previous 10.20.330 10.20.335 10.20.340 10.20.345 10.20.350 10.20.355 10.20.360 10.20.365 10.20.370 10.20.375 10.20.380 10.20.385 10.20.390 10.20.395 10.20.400 NextLast modified: November 15, 2016