Opinion ID: 2395909
Heading Depth: 1
Heading Rank: 1

Heading: corporate dissolution process

Text: [¶ 7] The statutory scheme governing the voluntary dissolution of Maine corporations requires the corporation to file with the Secretary of State a statement of intent to dissolve. 13-A M.R.S.A. §§ 1102(2), 1105 (1981). At that point the corporation ceases to carry on its business except as needed to wind up the business. Id. §§ 1105, 1106(1). The corporation is required to immediately notify all known creditors of the intent to dissolve. Id. § 1106(2). The corporation is required to fulfill or discharge its contracts and take all other action necessary to wind up and to liquidate its business and affairs, as expeditiously as practicable. Id. § 1106(3). Once the debts of the corporation have been paid and the assets have been distributed to the shareholders, the corporation is required to execute and file articles of dissolution. Id. § 1110. The corporation then has a two-year time period starting from the date of filing the articles of dissolution in which an action must be commenced for any remedy against or available to the corporation, its officers, directors or shareholders. Id. § 1122(1). [3] This latter provision is referred to as the survival statute. In this case the statement of intent to dissolve and the articles of dissolution were both filed with the Secretary of State on July 17, 1992, making that date the date of dissolution.