(a) If there remains property of the corporation after the first
distribution, the receiver shall, within one year thereafter, make a
final distribution among the creditors entitled thereto. Notice that
such distribution will be the final distribution to creditors shall be
published once a week for two consecutive weeks in a newspaper of
general circulation in the county where the office of the corporation is
located.
(b) A creditor or claimant who failed to prove his claim before the
first distribution and who proves it before the final one shall receive
the sum he would have been entitled to on the first distribution before
any further distribution shall be made to other creditors or claimants.
(c) Unless the court shall otherwise direct, no other distribution
shall be made thereafter to creditors, except to those having pending
actions against the corporation or the receiver.
(d) After the final distribution to creditors, the receiver shall not
be answerable to any creditor or claimant, unless his claim shall have
been proved before or at the time specified in the notice of the final
distribution.
Structure New York Laws
1201 - Action by Judgment Creditor for Sequestration.
1202 - Appointment of Receiver of Property of a Domestic or Foreign Corporation.
1203 - Temporary and Permanent Receiver.
1205 - Designation of Depositories by Court.
1206 - Powers of Permanent Receiver.
1207 - Duties of Receiver Upon Appointment.
1208 - Penalty for Concealing Property From Receiver.
1210 - Order of Payment by Receiver.
1211 - Final Distribution by Receiver.
1212 - Disposition of Moneys Retained; Surplus; Unclaimed Distributions.
1213 - Omission or Default of Receiver.
1214 - Application by Attorney-General for Removal of Receiver and to Close Receivership.
1215 - Resignation by Receiver; Filling Any Vacancy.
1216 - Final Accounting; Notice; Duty of Attorney-General.
1218 - Special Provisions Relating to Actions or Special Proceedings Against Foreign Corporations.