2011 Code of Virginia
Title 13.1 CORPORATIONS.
Chapter 9 Virginia Stock Corporation Act (13.1-601 thru 13.1-792)
13.1-749 Decree of dissolution
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.)
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