§ 13.1-749. Decree of dissolution
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.
(Code 1950, § 13.1-99; 1956, c. 428; 1985, c. 522; 2005, c. 765.)
Sections: Previous 13.1-745 13.1-746 13.1-746.1 13.1-746.2 13.1-746.3 13.1-747 13.1-748 13.1-749 13.1-749.1 13.1-750 13.1-751 13.1-752 13.1-753 13.1-754 13.1-755 NextLast modified: April 16, 2009