15 Pennsylvania Consolidated Statutes § 5982 - Proceedings Upon Application Of Creditor

§ 5982. Proceedings upon application of creditor.

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.

(July 9, 2013, P.L.476, No.67, eff. 60 days)

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Last modified: October 8, 2016