42:6-1 - Application for injunction and receivers or trustees; procedure - New Jersey Statutes

42:6-1.  Application for injunction and receivers or trustees; procedure
    When any voluntary association, carrying on business with partnership liabilities, is or shall become insolvent, has suspended or shall suspend its ordinary business for want of funds to carry on the same, or whose debts are unpaid and whose business is unsettled, any creditor or member of such association may in an action apply to the Superior Court for injunctive relief and the appointment of receivers or trustees for the winding up of the business  and payment of the debts of the association. Thereupon the court may proceed  in the action in a summary manner or otherwise and the proceedings shall be as  near as may be similar to those provided by law for winding up insolvent  corporations.

     Amended by L.1953, c. 40, p. 767, s. 35, eff. March 19, 1953.