Trust the lawyers at McQuarrie when you need assistance liquidating a corporation. Corporate law has been part of our practice for decades, and our team has worked with all types of businesses in a variety of industries. The process of dissolving a corporation is an area where we have a significant amount of experience, and we represent owners, shareholders or debtors at any stage.
If you have any questions regarding how to dissolve a corporation, please contact our lawyers by using the form provided for you here. Our lawyers can answer all of your questions in a private consultation.
Dissolving a corporation is a matter of managing the remaining assets and liabilities and submitting the proper records to the government. If the corporation has no shareholders or liabilities, liquidating is a straightforward process of the directors voting in favor of it. If there are shareholders, they will need to be given the opportunity to vote for dissolution by special resolution. If liabilities do remain, it will be necessary to resolve them or liquidate the corporation by special resolution to distribute any assets toward the debts.
Once the process toward dissolution has begun, and the forms have been submitted, there will still be time for the dissolution to be reversed by the directors or shareholders. Our lawyers can explain more about filing or reversing dissolutions.
Our lawyers can also review, draft or modify all of the documents you need to dissolve a corporation, including your Articles of Dissolution.
A corporation cannot dissolve voluntarily if it is bankrupt or insolvent. A corporation is considered bankrupt if a bankruptcy order has been made against it, or if it has agreed to be assigned to a bankruptcy as part of a deal. A corporation is considered insolvent if it has ceased paying its obligations, or has no capacity to meet its obligations.
In cases of insolvency, even the sum value of all of the corporation’s property may not be sufficient to cover debts. When this is the case, dissolution is not possible without additional action to resolve or discharge the corporate debts.
Contact McQuarrie about Liquidations
Our lawyers are ready to assist if you need guidance or representation during the dissolution of a business. Our comprehensive services include managing the dissolution, negotiating with your partners, and drafting the documents you need. Contact us here to get started.
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