§ 1102. Directors' petition for judicial dissolution.\n If a majority of the board adopts a resolution that finds that the\nassets of a corporation are not sufficient to discharge its liabilities\nor that a dissolution will be beneficial to the shareholders, it may\npresent a petition for its dissolution.\n
N.Y. Bus. Corp. Law § 1102
Directors' petition for judicial dissolution
Applied in 1 court decision — leading case In Re the Judicial Dissolution of Candlewood Holdings, Inc. (2015)
Most recently applied in In Re the Judicial Dissolution of Candlewood Holdings, Inc. (January 2015)
2014-09-22
Official source: NYS Open Legislation (New York State Senate). Reproduced from public-domain New York statutes; confirm against the official source for the current text. Not legal advice.