1. In dissolution proceedings the court may issue injunctions, appoint receivers with
all powers and duties the court directs, take other actions required to preserve the
corporate assets wherever situated, and carry on the activities of the corporation
until a full hearing can be held.
2. When a proceeding involving a corporation described in subsection 1 of section 10-33-122 is begun, the court shall order that a copy of the petition be served on the attorney
general. In all proceedings under this section, the attorney general has a right to participate
as a party.
3. After a full hearing has been held, upon whatever notice the court directs to be
given to all parties to the proceedings and to any other parties in interest designated
by the court, the court may appoint a receiver to collect the corporate assets. A receiver has authority, subject to the order of the court, to continue the activities
of the corporation and to sell, lease, transfer, or otherwise dispose of all or any
of the property and assets of the corporation either at public or private sale.
4. The assets of the corporation or the proceeds resulting from a sale, lease, transfer,
or other disposition must be applied in the following order of priority to the payment
and discharge of:
b. The costs and expenses of the proceedings, including attorney's fees and disbursements;
c. Debts, taxes, and assessments due the United States, this state and its subdivisions,
and other states and their subdivisions, in that order;
d. Claims duly proved and allowed to employees under title 65. Claims under this subdivision may not be allowed if the corporation carried workforce
safety and insurance coverage, as provided by law, at the time the injury was sustained;
e. Claims, including the value of all compensation paid in any medium other than money,
duly proved and allowed to employees for services performed within three months preceding
the appointment of the receiver, if any; and
f. Other claims duly proved and allowed.
5. After payment of the expenses of receivership and claims of creditors duly proved,
the remaining assets, if any, must be distributed in accordance with section 10-33-105.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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