(a) A court in a judicial proceeding brought to dissolve a corporation may appoint receivers to wind up and liquidate, or custodians to manage, the business and affairs of the corporation. The court shall hold a hearing, after notifying all parties to the proceeding and any interested persons designated by the court, before appointing a receiver or custodian. The court appointing a receiver or custodian has exclusive jurisdiction over the corporation and all of its property wherever located.
(b) The court may appoint an individual or a domestic or foreign corporation (authorized to transact business in this State) as a receiver or custodian. The court may require the receiver or custodian to post bond, with or without sureties, in an amount the court directs.
(c) The court shall describe the powers and duties of the receiver or custodian in its appointing order, which may be amended. Among other powers:
(1) the receiver (i) may dispose of all or any part of the assets of the corporation wherever located, at a public or private sale, if authorized by the court; and (ii) may sue and defend in his own name as receiver of the corporation in all courts of this State;
(2) the custodian may exercise all of the powers of the corporation, through or in place of its board of directors or officers, to the extent necessary to manage the affairs of the corporation in the best interests of its shareholders and creditors.
(d) The court during a receivership may redesignate the receiver a custodian, and during a custodianship may redesignate the custodian a receiver, if doing so is in the best interests of the corporation, its shareholders, and creditors.
(e) The court during the receivership or custodianship may order compensation paid and expense disbursements or reimbursements made to the receiver or custodian and his counsel from the assets of the corporation or proceeds from the sale of the assets.
HISTORY: Derived from 1976 Code Section 33-21-170 [1962 Code Section 12-22.17; 1952 Code Section 12-653; 1942 Code Section 7725; 1932 Code Section 7725; 1922 (32) 1026; 1962 (52) 1996; 1981 Act No. 146, Section 2; Repealed, 1988 Act No. 444, Section 4(1)]; 1988 Act No. 444, Section 2.
Structure South Carolina Code of Laws
Title 33 - Corporations, Partnerships and Associations
Section 33-14-101. Dissolution by incorporators or initial directors.
Section 33-14-102. Dissolution by board of directors and shareholders.
Section 33-14-103. Articles of dissolution.
Section 33-14-104. Revocation of dissolution.
Section 33-14-105. Effect of dissolution.
Section 33-14-106. Known claims against dissolved corporation.
Section 33-14-107. Unknown claims against dissolved corporation.
Section 33-14-200. Grounds for administrative dissolution.
Section 33-14-210. Procedure for and effect of administrative dissolution.
Section 33-14-220. Reinstatement following administrative dissolution.
Section 33-14-230. Appeal from denial of reinstatement.
Section 33-14-300. Grounds for judicial dissolution.
Section 33-14-310. Procedure for judicial dissolution.
Section 33-14-320. Receivership or custodianship.
Section 33-14-330. Decree of dissolution.
Section 33-14-400. Deposit with Department of Revenue.
Section 33-14-420. Claims against former shareholder of dissolved corporation.