(a) In an action by a creditor, the superior court may liquidate the assets and business of a corporation when

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Terms Used In Alaska Statutes 10.20.365

  • action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • writing: includes printing. See Alaska Statutes 01.10.060
(1) the claim of the creditor has been reduced to judgment and an execution on the judgment has been returned unsatisfied and it is established that the corporation is insolvent; or
(2) the corporation has admitted in writing that the claim of the creditor is due and owing and it is established that the corporation is insolvent.
(b) In this section “insolvent” means inability of a corporation to pay its debts as they become due in the usual course of its business.
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