An S corporation is regulated as a corporate entity under state law but allowed pass-through taxation with IRS approval.As a result, dissolving and liquidating an S corporation must be done in accordance with corresponding laws in the state in which the S corporation is registered to operate.If that does not cover the debt, they will recoup the balance from the company’s remaining liquid assets, if any. These include bondholders, the government (if it is owed taxes) and employees (if they are owed unpaid wages or other obligations).On July 28, 2014, the State Corporation Commission (the "Commission") for the Commonwealth of Virginia entered its Order of Liquidation with a Finding of Insolvency (�Liquidation Order�) for Southern Title Insurance Corporation (�Southern Title�).
Self-liquidating loans are not always a good credit choice.Once the process is complete, the business is dissolved.This is not the same as its debts being discharged, as happens when an individual files for Chapter 7.KCC does not undertake any obligation to update, modify, revise or reorganize the information provided herein, or to notify you or any third party should the information be updated, modified, revised or reorganized.In no event shall KCC be liable to you or any third party for any direct, indirect, incidental, consequential or special damages (including, but not limited to, damages arising from the disallowance of a potential claim against a client of KCC or damages to business reputation, lost business or lost profits), whether foreseeable or unforeseeable and however caused, even if KCC is advised of the possibility of such damages.As part of the continuing Special Liquidation of Irish Bank Resolution Corporation Limited (in Special Liquidation) (“IBRC”), the web sites previously operated by IBRC have been discontinued. In finance and economics, liquidation is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations as and when they come due. Bankruptcy Code governs liquidation proceedings; solvent companies can also file for Chapter 7, but this is uncommon.KCC's Corporate Restructuring Court Documents Search provides access to thousands of historical court documents located on KCC public access websites.Please use the form below to refine and maximize search results.State business codes specify the procedures corporate managers must follow to execute the legal termination and asset liquidation of an S corporation. Obtain a vote and decision to dissolve the S corporation from shareholders.State laws commonly require the managing parties of an S corporation to initiate state dissolution procedures only when authorized by shareholders. Stop conducting business on behalf of the S corporation being dissolved.