10-1815. Involuntary dissolution or
liquidation pursuant to court order
The superior court shall have full power to liquidate the assets and business of a
close corporation:
1. In an action filed by an investor when the court finds:
(a) That a deadlock or dispute involving the internal affairs of the corporation,
continues to impair or threatens to impair the value of the assets or the continued
conduct of the business of the corporation, notwithstanding bona fide attempts to utilize
the arbitration provisions in the articles of incorporation if available and the
provisions of section 10-1814.
(b) That a deadlock or dispute involving the internal affairs of the corporation,
impairs or threatens to impair the value of the assets or the continued conduct of the
business of the corporation and no provision is contained in the articles of
incorporation for arbitration of such disputes and that it would be useless effort to
invoke the provisions of section 10-1814.
(c) That the investors are so divided respecting the management of the business and
affairs of the corporation that either the corporation is suffering or will suffer
irreparable injury, or the business and affairs of the corporation can no longer be
conducted to the advantage of the investors generally, and the provisions of sections
10-1806 and 10-1814 are inapplicable.
(d) That the corporation has abandoned its business and has failed within a
reasonable period of time to take steps to dissolve and liquidate its affairs and
distribute its assets.
2. In an action by a creditor of the corporation in the manner provided by section
10-1430, subsection B.
3. In an action filed by the attorney general in the manner provided by section
10-1430, subsection A.
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