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Alaska Statutes Title 10. Corporations and Associations § 10.20.365. Action by creditor for liquidation

Current as of January 01, 2025 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Alaska Statutes Title 10. Corporations and Associations § 10.20.365. Action by creditor for liquidation - last updated January 01, 2025 | https://codes.findlaw.com/ak/title-10-corporations-and-associations/ak-st-sect-10-20-365/

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