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Judicial dissolution, informally called the corporate death penalty, is a legal procedure in which a corporation is forced to dissolve or cease to exist. Dissolution is the revocation of a corporation's charter for significant harm to society. [ 2 ]
A liquidating distribution (or liquidating dividend) is a type of nondividend distribution made by a corporation or a partnership to its shareholders during its partial or complete liquidation. [1] Liquidating distributions are not paid solely out of the profits of the corporation. Instead, the entire amount of shareholders' equity is ...
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
Reliance Insurance Company, now officially known as Reliance Insurance Company [in Liquidation], was founded in Philadelphia in 1817 and has undergone numerous corporate makeovers in the intervening years. Since October 3, 2001, the company has been in liquidation. [1]
In 2007, several of the company's board members were charged over the airline's bankruptcy. [6] Assets were taken over by subsidiary Crossair which became Swiss International Air Lines, eventually purchased by Lufthansa of Germany. Enron: United States: 28 Nov 2001: Energy: Directors and executives fraudulently concealed large losses in Enron's ...
The lawsuit by the attorney general's office included an antitrust action under state law, and had attracted the close attention of major business groups in Pennsylvania, the nation's No. 2 gas ...
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An S corporation (or S Corp), for United States federal income tax, is a closely held corporation (or, in some cases, a limited liability company (LLC) or a partnership) that makes a valid election to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. [1] In general, S corporations do not pay any income taxes.