Dissolved/De Facto Corporations 1

"Dissolution of a corporation shall not prevent commencement of a proceeding by or against the corporation in its corporate name or abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution. (KRS § 271B.14-050)

A dissolved corporation may dispose of the known claims against it by following the following procedure. The dissolved corporation shall notify its known claimants in writing of the dissolution at any time after its effective date. The written notice shall: (a) Describe information that must be included in a claim; (b) Provide a mailing address where a claim may be sent; (c) State the deadline, which may not be fewer than one hundred twenty days from the effective date of the written notice, by which the dissolved corporation must receive the claim; and (d) State that the claim will be barred if not received by the deadline. A claim against the dissolved corporation shall be barred if a claimant who was given written notice does not deliver the claim to the dissolved corporation by the deadline; If a claimant whose claim was rejected by the dissolved corporation does not commence a proceeding to enforce the claim within ninety days from the effective date of the rejection notice. (KRS § 271B.14-060) "