(1) The receiver and back-tax collector shall make to the circuit court a full and complete statement of all the private property, if any, belonging to the extinct corporations, respectively. All such property shall be considered by the court as a part of the subject matter of the creditor's bill.
(2) The court shall make all orders and decrees as may be deemed necessary and proper for the sale thereof and shall decree the application of the proceeds of the sale to the payment of the debts of the extinct corporations, respectively.