Dissolved/De facto Corpora-tions - Issue 2
Last Review
Last Update
Statutes
Directors of a corporation can be held liable if a dissolved corporation shall proceed to bar any known claims against it, the directors of such corporation who fail to take reasonable steps to cause the notice to be given to any known creditor of such corporation shall be jointly and severally liable to such creditor for all loss and damage occasioned thereby. (805 ILCS 5/8.65)
Cases
Comments
None.
Contributors
Jillian S. Greenwald, Daniel L. Spivey and Edward K. Gross
The statutory information was edited and reviewed with the support of MultiState
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