1. The Laws of New York
  2. Consolidated Laws
  3. Business Corporation
  4. Article 11: Judicial Dissolution

Section 1102 Directors' petition for judicial dissolution

Business Corporation (BSC)

Directors' petition for judicial dissolution.

  If a majority of the board adopts a resolution that finds that the assets of a corporation are not sufficient to discharge its liabilities or that a dissolution will be beneficial to the shareholders, it may present a petition for its dissolution.