Source: https://vacode.org/13.1-747/
Timestamp: 2019-04-20 16:36:06+00:00

Document:
6. When the Commission has instituted a proceeding for the involuntary termination of corporate existence and entered an order finding that the corporate existence of the corporation should be terminated but that liquidation of its business and affairs should precede the entry of an order of termination of corporate existence.
B. The circuit court in the city or county named in subsection C shall have full power to liquidate the assets and business of the corporation at any time after the termination of corporate existence, pursuant to the provisions of this article upon the application of any person, for good cause, with regard to any assets or business that may remain. The jurisdiction conferred by this clause may also be exercised by any such court in any city or county where any property may be situated whether of a domestic or a foreign corporation that ceased to exist.
C. Venue for a proceeding brought under this section lies in the city or county where the corporation’s principal office is or was located, or, if none in the Commonwealth, where its registered office is or was last located.
D. It is not necessary to make directors or shareholders parties to a proceeding to be brought under this section unless relief is sought against them individually.
E. A court in a proceeding brought to dissolve a corporation may issue injunctions, appoint a receiver or custodian pendente lite with such powers and duties as the court may direct, take other action required to preserve the corporate assets wherever located, and carry on the business of the corporation until a full hearing can be held.
Code 1950, § 13.1-94; 1956, c. 428; 1959, Ex. Sess., c. 57; 1968, c. 112; 1985, c. 522; 2005, c. 765; 2007, c. 165.
If you’re reading this for anything important, you should double-check its accuracy—read § 13.1-747 on the official Code of Virginia website.
. . . common law right has been replaced by Va. Code § 13.1-747 which limits a shareholder's remedy . . .
. . . filed this dissolution suit pursuant to Code § 13.1-747 against Gerald A. Schultz & . . .
. . . former Code § 13.1-94 (Repl.Vol.1978) (now Code § 13.1-747) applies. As pertinent to the . . .
. . . or wasteful." Absent a violation of Code § 13.1-747, the court opined that stockholders own . . .
. . . misapplied or wasted" corporate assets, Code § 13.1-747(A)(1)(b) & (d), authorizes derivative . . .
. . . judicial dissolution of the Firm under Code § 13.1-747(A)(1)(b), providing for dissolution when . . .

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