                                 CODE OF VIRGINIA

DECREE OF DISSOLUTION (§ 13.1-749)

A. If after a hearing the court determines that one or more grounds for judicial
dissolution described in &#xA7; 13.1-747 exist, it may enter a decree directing
that the corporation shall be dissolved. The clerk of the court shall deliver a
certified copy of the decree to the Commission, which shall enter an order of
involuntary dissolution.

B. After the order of involuntary dissolution has been entered, the court shall
direct the winding up and liquidation of the corporation&#8217;s business and
affairs in accordance with &#xA7; 13.1-745 and the notification of claimants in
accordance with &#xA7;&#xA7; 13.1-746, 13.1-746.1, and 13.1-746.2. When all of
the assets of the corporation have been distributed to its creditors and
shareholders, the court shall so advise the Commission, which shall enter an
order of termination of corporate existence.

HISTORY: Code 1950, § 13.1-99; 1956, c. 428; 1985, c. 522; 2005, c. 765.