dissolution of corporation


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dissolution of corporation

n. termination of a corporation, either a) voluntarily by resolution, paying debts, distributing assets, and filing dissolution documents with the Secretary of State; or b) by state suspension for not paying corporate taxes or some other action of the government. (See: corporation)

References in periodicals archive ?
(35) The published commentary accompanying section 14.34 of the Model Act reflects the Committee on Corporate Laws' recognition of the historic development of buyout alternatives, as well as a basic truth that had come to be understood about judicial dissolution of corporations: the extreme remedy was "rarely necessary." (36) Section 14.34's adoption was thus motivated more from a perceived need to impose structured oversight for a process than from a desire to create any novel remedies for shareholder dissent.
INVESTMENT FACILITATION - The Board of Investments (BOI) recently signed an agreement with Securities and Exchange Commission (SEC) to expedite the processing of applications for registration, amendment, and dissolution of corporations and partnerships related to setting up investment projects in the Philippines.