(a) A Circuit Court may dissolve a corporation:
         (1) In an action by the Attorney General, if it is
    
established that:
            (i) The corporation filed its articles of
        
incorporation through fraud; or
            (ii) The corporation has continued to exceed or
        
abuse the authority conferred upon it by law, or has continued to violate the law, after notice of the same has been given to such corporation, either personally or by registered mail; or
            (iii) Any interrogatory propounded by the
        
Secretary of State to the corporation, its officers or directors, as provided in this Act, has been answered falsely or has not been answered fully within 30 days after the mailing of such interrogatories by the Secretary of State or within such extension of time as shall have been authorized by the Secretary of State.
        (2) In an action by a creditor, if it is established
    
that:
            (i) The creditor’s claim has been reduced to
        
judgment, a copy of the judgment has been returned unsatisfied, and the corporation is insolvent; or
            (ii) The corporation has admitted in writing that
        
the creditor’s claim is due and owing, and the corporation is insolvent.
        (3) In an action by the corporation to dissolve under
    
court supervision, if it is established that dissolution is reasonably necessary because the business of the corporation can no longer be conducted to the general advantage of its shareholders.
    (b) As an alternative to dissolution, the court may order any of the other remedies contained in subsection (b) of Section 12.55.

Terms Used In Illinois Compiled Statutes 805 ILCS 5/12.50

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fraud: Intentional deception resulting in injury to another.
  • Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
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