Section 450.2851 - Application for judgment that affairs of corporation and liquidation of assets continue under supervision of court; orders and judgments; permitting creditor to file claim or commen - Michigan Statutes

NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982

450.2851 Application for judgment that affairs of corporation and liquidation of assets continue under supervision of court; orders and judgments; permitting creditor to file claim or commence action.

Sec. 851.

(1) After a corporation has been dissolved in any manner, the corporation, a creditor, a shareholder, member, or a director may apply at any time to the circuit court for the county in which the registered office of the corporation is located for a judgment that the affairs of the corporation and the liquidation of its assets continue under supervision of the court. The court shall make such orders and judgments as may be required, including, but not limited to, continuance of the liquidation of the corporation's assets by its officers and directors under supervision of the court, or the appointment of a receiver of the corporation to be vested with powers as the court designates to liquidate the affairs of the corporation.

(2) For good cause shown, and so long as a corporation has not made complete distribution of its assets, the court, in an action pending under this section or otherwise, may permit a creditor who has not filed a claim within the time limited by section 841, or who has not commenced an action on a rejected claim within the time limited by section 842, to file such claim or to commence such action within such time as the court directs.

History: 1982, Act 162, Eff. Jan. 1, 1983