Sec. 11.412. DECREE OF INVOLUNTARY TERMINATION. In an action in which the court has ordered the liquidation of the property and business of a domestic entity in accordance with other provisions of this code, the court shall enter a decree terminating the existence of the entity:
(1) when the costs and expenses of the action and all obligations and liabilities of the domestic entity have been paid and discharged or adequately provided for and all of the entity's remaining property has been distributed to its owners and members; or
(2) if the entity's property is not sufficient to discharge the costs and other expenses of the action and all obligations and liabilities of the entity, when all the property of the entity has been applied toward their payment.
Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 688 (H.B. 1737), Sec. 69, eff. September 1, 2007.
Structure Texas Statutes
Chapter 11 - Winding Up and Termination of Domestic Entity
Section 11.402. Jurisdiction to Appoint Receiver
Section 11.403. Appointment of Receiver for Specific Property
Section 11.404. Appointment of Receiver to Rehabilitate Domestic Entity
Section 11.405. Appointment of Receiver to Liquidate Domestic Entity; Liquidation
Section 11.406. Receivers: Qualifications, Powers, and Duties
Section 11.407. Court-Ordered Filing of Claims
Section 11.408. Supervising Court; Jurisdiction; Authority
Section 11.409. Ancillary Receiverships of Foreign Entities
Section 11.410. Receivership for All Property and Business of Foreign Entity
Section 11.411. Governing Persons and Owners Not Necessary Parties Defendant
Section 11.412. Decree of Involuntary Termination
Section 11.414. Filing of Decree of Involuntary Termination Against Filing Entity