Corporate Afterlife: Deadlock and Accounting in the Winding-Up Phase

A dissolved corporation doesn’t simply vanish. It enters the winding-up phase, where the corporation must “proceed to wind up its affairs . . . sell its assets for cash at public or private sale, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business” (BCL 1005[a] [applicable to judicial dissolutions by BCL 1117[a]).... By: Farrell Fritz, P.C.