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Texas Business Organizations Code

§ 12.258 — LIQUIDATION OF INSOLVENT ENTITY

BO § 12.258Title 1. GENERAL PROVISIONS · Ch. 12. ADMINISTRATIVE POWERS · Art. D. ENFORCEMENT PROCEEDINGS

Statute text

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(a)A court hearing a proceeding under Section 12.253 against an insolvent entity may, after the entity has been shown to be insolvent, appoint one or more receivers for the entity and its property. The receiver may settle the affairs of the entity, collect outstanding debts, and divide the money and property belonging to the entity among its owners after paying the debts of the entity and all expenses incidental to the judicial proceedings and receivership.
(b)The court may continue the existence of the entity for three years and for additional reasonable time as necessary to accomplish the purposes of this subchapter.

Legislative history

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.

Source: Texas Business Organizations Code § 12.258 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.