Sec. 10.20.365. Action by creditor for liquidation.

109 words·~1 min read·/ak/title-10/chapter-20/10-20-365

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)In an action by a creditor, the superior court may liquidate the assets and business of a corporation when

(1)the claim of the creditor has been reduced to judgment and an execution on the judgment has been returned unsatisfied and it is established that the corporation is insolvent; or

(2)the corporation has admitted in writing that the claim of the creditor is due and owing and it is established that the corporation is insolvent.

(b)In this section “insolvent” means inability of a corporation to pay its debts as they become due in the usual course of its business.