Dissolution of a Corporation - Distributions to Shareholders

One of our customers that owes us money sent me a notice that they are dissolving. Can the shareholders of the dissolving corporation take the assets of the corporation without paying us? A dissolving corporation is required to make adequate provision for its debts, liabilities, and obligations, before any remaining assets can be distributed to shareholders. You will want to monitor this situation and attempt to get additional information from the corporation. A lawsuit may be required if you do not get prompt and complete responses to your requests for additional information.

Categories: Business Law