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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

One year after effective dissolution, an ordinary nonbank corporation proposes to collect old receivables and settle pending claims. Its president also proposes a new five-year operating program for the same business solely because the three-year liquidation period has not expired. Which analysis best applies section 139?

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Neither collection nor settlement is permitted after dissolution. The new operating program is always required by the section. The old-receivable and claim-settlement activities fit winding up, but the liquidation period does not itself authorize continuing the established business. Dissolution makes every asset ownerless immediately.

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