Whenever a corporation shall be insolvent, the Court of Chancery, on the application of any creditor or stockholder thereof, may, at any time, appoint 1 or more persons to be receivers of and for the corporation, to take charge of its assets, estate, effects, business and affairs, and to collect the outstanding debts, claims, and property due and belonging to the corporation, with power to prosecute and defend, in the name of the corporation or otherwise, all claims or suits, to appoint an agent or agents under them, and to do all other acts which might be done by the corporation and which may be necessary or proper. The powers of the receivers shall be such and shall continue so long as the Court shall deem necessary.
Structure Delaware Code
Chapter 1. GENERAL CORPORATION LAW
Subchapter XI. Insolvency; Receivers and Trustees
§ 291. Receivers for insolvent corporations; appointment and powers.
§ 292. Title to property; filing order of appointment; exception.
§ 293. Notices to stockholders and creditors.
§ 294. Receivers or trustees; inventory; list of debts and report.
§ 295. Creditors' proofs of claims; when barred; notice.
§ 296. Adjudication of claims; appeal.
§ 297. Sale of perishable or deteriorating property.
§ 298. Compensation, costs and expenses of receiver or trustee.
§ 299. Substitution of trustee or receiver as party; abatement of actions.
§ 300. Employee's lien for wages when corporation insolvent.
§ 301. Discontinuance of liquidation.
§ 302. Compromise or arrangement between corporation and creditors or stockholders.
§ 303. Proceeding under the Federal Bankruptcy Code of the United States; effectuation.