13.1-749 - Decree of dissolution. - Virginia Statutes

§ 13.1-749. Decree of dissolution.

A. If after a hearing the court determines that one or more grounds forjudicial dissolution described in § 13.1-747 exist, it may enter a decreedirecting that the corporation shall be dissolved. The clerk of the courtshall deliver a certified copy of the decree to the Commission, which shallenter an order of involuntary dissolution.

B. After the order of involuntary dissolution has been entered, the courtshall direct the winding up and liquidation of the corporation's business andaffairs in accordance with § 13.1-745 and the notification of claimants inaccordance with §§ 13.1-746, 13.1-746.1, and 13.1-746.2. When all of theassets of the corporation have been distributed to its creditors andshareholders, the court shall so advise the Commission, which shall enter anorder of termination of corporate existence.

(Code 1950, § 13.1-99; 1956, c. 428; 1985, c. 522; 2005, c. 765.)