{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/13.1-745.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/13.1-745.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/13.1-745.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/13.1-745.html"}],"law_id":346922,"edition_id":2,"section_id":346922,"structure_id":49801,"section_number":"13.1-745","catch_line":"Effect of dissolution","history":"Code 1950, \u00a7\u00a7 13.1-83, 13.1-84; 1956, c. 428; 1985, c. 522; 2019, c. 734.","full_text":"A\n\nA dissolved corporation continues its corporate existence but may not carry on any business except that appropriate to wind up and liquidate its business and affairs, including:\n\n1\n\nCollecting its assets;\n\n2\n\nDisposing of its properties that will not be distributed in kind to its shareholders;\n\n3\n\nDischarging or making provision for discharging its liabilities;\n\n4\n\nMaking distributions of its remaining assets among its shareholders according to their interests; and\n\n5\n\nDoing every other act necessary to wind up and liquidate its business and affairs.\n\nB\n\nDissolution of a corporation does not:\n\n1\n\nTransfer title to the corporation’s property;\n\n2\n\nPrevent transfer of its shares or securities, although the authorization to dissolve may provide for closing the corporation’s share transfer records;\n\n3\n\nSubject its directors to standards of conduct different from those prescribed in Article 9 (§ 13.1-673 et seq.);\n\n4\n\nChange (i) quorum or voting requirements for its board of directors or shareholders; (ii) provisions for selection, resignation, or removal of its directors or officers; or (iii) provisions for amending its bylaws;\n\n5\n\nPrevent commencement of a proceeding by or against the corporation in its corporate name;\n\n6\n\nAbate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; or\n\n7\n\nTerminate the authority of the registered agent of the corporation.\n\nC\n\nA distribution in liquidation under this section may only be made by a dissolved corporation. For purposes of determining the shareholders entitled to receive a distribution in liquidation, the board of directors may fix a future date as a record date. If the board of directors does not fix a record date for the determination, the record date is the date the board of directors authorizes the distribution.\n\n","order_by":null,"text":{"0":{"id":1294248,"text":"A dissolved corporation continues its corporate existence but may not carry on any business except that appropriate to wind up and liquidate its business and affairs, including:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":1294249,"text":"Collecting its assets;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":1294250,"text":"Disposing of its properties that will not be distributed in kind to its shareholders;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":1294251,"text":"Discharging or making provision for discharging its liabilities;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":1294252,"text":"Making distributions of its remaining assets among its shareholders according to their interests; and","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":1294253,"text":"Doing every other act necessary to wind up and liquidate its business and affairs.","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"B"},"6":{"id":1294254,"text":"Dissolution of a corporation does not:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A5","next_prefix":"B1"},"7":{"id":1294255,"text":"Transfer title to the corporation’s property;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"8":{"id":1294256,"text":"Prevent transfer of its shares or securities, although the authorization to dissolve may provide for closing the corporation’s share transfer records;","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"9":{"id":1294257,"text":"Subject its directors to standards of conduct different from those prescribed in Article 9 (§ 13.1-673 et seq.);","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"B4"},"10":{"id":1294258,"text":"Change (i) quorum or voting requirements for its board of directors or shareholders; (ii) provisions for selection, resignation, or removal of its directors or officers; or (iii) provisions for amending its bylaws;","type":"section","prefixes":["B","4"],"prefix":"4","entire_prefix":"B4","prefix_anchor":"B4","level":2,"prior_prefix":"B3","next_prefix":"B5"},"11":{"id":1294259,"text":"Prevent commencement of a proceeding by or against the corporation in its corporate name;","type":"section","prefixes":["B","5"],"prefix":"5","entire_prefix":"B5","prefix_anchor":"B5","level":2,"prior_prefix":"B4","next_prefix":"B6"},"12":{"id":1294260,"text":"Abate or suspend a proceeding pending by or against the corporation on the effective date of dissolution; or","type":"section","prefixes":["B","6"],"prefix":"6","entire_prefix":"B6","prefix_anchor":"B6","level":2,"prior_prefix":"B5","next_prefix":"B7"},"13":{"id":1294261,"text":"Terminate the authority of the registered agent of the corporation.","type":"section","prefixes":["B","7"],"prefix":"7","entire_prefix":"B7","prefix_anchor":"B7","level":2,"prior_prefix":"B6","next_prefix":"C"},"14":{"id":1294262,"text":"A distribution in liquidation under this section may only be made by a dissolved corporation. For purposes of determining the shareholders entitled to receive a distribution in liquidation, the board of directors may fix a future date as a record date. If the board of directors does not fix a record date for the determination, the record date is the date the board of directors authorizes the distribution.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B7"}},"ancestry":[{"id":49801,"edition_id":2,"name":"Dissolution","identifier":"16","label":"article","depth":3,"order_by":21,"parent_id":49780,"metadata":{"child_laws":19,"child_structures":0},"date_created":"2026-08-02 02:15:41","date_modified":"2026-08-02 12:29:13","permalink":{"id":1377609,"object_type":"structure","relational_id":49801,"identifier":"16","token":"13.1\/9\/16","url":"\/13.1\/9\/16\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49780,"edition_id":2,"name":"Virginia Stock Corporation Act","identifier":"9","label":"chapter","depth":2,"order_by":12,"parent_id":49726,"metadata":{"child_laws":265,"child_structures":27},"date_created":"2026-08-02 02:14:54","date_modified":"2026-08-02 12:29:09","permalink":{"id":1377165,"object_type":"structure","relational_id":49780,"identifier":"9","token":"13.1\/9","url":"\/13.1\/9\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49726,"edition_id":2,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":44,"parent_id":null,"metadata":{"child_laws":894,"child_structures":104},"date_created":"2026-08-02 02:14:01","date_modified":"2026-08-02 12:29:04","permalink":{"id":1374495,"object_type":"structure","relational_id":49726,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":346919,"structure_id":49801,"section_number":"13.1-742","catch_line":"Dissolution by directors and shareholders","url":"\/13.1-742\/","token":"13.1\/9\/16\/13.1-742","metadata":{"court_decisions":{"0":{"name":"Maurag, Inc. v. Bertuglia","case_number":"Civil Action 4:06cv73","citation":"494 F. Supp. 2d 395","date":"2007-07-16","url":"https:\/\/www.courtlistener.com\/opinion\/2150367\/maurag-inc-v-bertuglia\/","abstract":" .\u202f.\u202f. 494 F.Supp.2d 395 (2007) .\u202f.\u202f. ","court_html":"District Court, E.D. Virginia"}}}},{"id":346920,"structure_id":49801,"section_number":"13.1-743","catch_line":"Articles of dissolution","url":"\/13.1-743\/","token":"13.1\/9\/16\/13.1-743","metadata":false},{"id":346921,"structure_id":49801,"section_number":"13.1-744","catch_line":"Revocation of dissolution","url":"\/13.1-744\/","token":"13.1\/9\/16\/13.1-744","metadata":{"court_decisions":""}},{"id":346922,"structure_id":49801,"section_number":"13.1-745","catch_line":"Effect of dissolution","url":"\/13.1-745\/","token":"13.1\/9\/16\/13.1-745","metadata":{"court_decisions":{"0":{"name":"Commonwealth Transp. v. 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","court_html":"SCV<\/abbr>"}}}},{"id":346926,"structure_id":49801,"section_number":"13.1-746","catch_line":"Known claims against dissolved corporation","url":"\/13.1-746\/","token":"13.1\/9\/16\/13.1-746","metadata":{"court_decisions":""}},{"id":346923,"structure_id":49801,"section_number":"13.1-746.1","catch_line":"Other claims against dissolved corporation","url":"\/13.1-746.1\/","token":"13.1\/9\/16\/13.1-746.1","metadata":{"court_decisions":""}},{"id":346924,"structure_id":49801,"section_number":"13.1-746.2","catch_line":"Court proceedings","url":"\/13.1-746.2\/","token":"13.1\/9\/16\/13.1-746.2","metadata":{"court_decisions":""}},{"id":346925,"structure_id":49801,"section_number":"13.1-746.3","catch_line":"Director duties","url":"\/13.1-746.3\/","token":"13.1\/9\/16\/13.1-746.3","metadata":false},{"id":346927,"structure_id":49801,"section_number":"13.1-747","catch_line":"Grounds for judicial dissolution","url":"\/13.1-747\/","token":"13.1\/9\/16\/13.1-747","metadata":{"court_decisions":{"0":{"name":"Schultz v. Schultz","case_number":"Record 941129","citation":"458 S.E.2d 458","date":"1995-06-09","url":"https:\/\/www.courtlistener.com\/opinion\/1060277\/schultz-v-schultz\/","abstract":" .\u202f.\u202f. 458 S.E.2d 458 (1995) .\u202f.\u202f. ","court_html":"SCV<\/abbr>"},"1":{"name":"Jordon v. Bowman Apple Products Co., Inc.","case_number":"Civ. A. 89-0021-C","citation":"728 F. Supp. 409","date":"1990-01-10","url":"https:\/\/www.courtlistener.com\/opinion\/2596712\/jordon-v-bowman-apple-products-co-inc\/","abstract":" .\u202f.\u202f. 728 F.Supp. 409 (1990) .\u202f.\u202f. ","court_html":"District Court, W.D. Virginia"},"2":{"name":"In re McCurnin","case_number":"Case No. 16-30093-KLP; Case No. 15-36551-KLP; Adv. Pro. No. 17-04553-KLP","citation":"590 B.R. 729","date":"2018-09-24","url":"https:\/\/www.courtlistener.com\/opinion\/8529140\/in-re-mccurnin\/","abstract":" .\u202f.\u202f. Keith L. Phillips, United States Bankruptcy Judge .\u202f.\u202f. ","court_html":"United States Bankruptcy Court, E.D. Virginia"},"3":{"name":"Willard v. Moneta Building Supply, Inc.","case_number":"Record 981836","citation":"515 S.E.2d 277","date":"1999-06-11","url":"https:\/\/www.courtlistener.com\/opinion\/1059739\/willard-v-moneta-building-supply-inc\/","abstract":" .\u202f.\u202f. JUSTICE KINSER .\u202f.\u202f. ","court_html":"SCV<\/abbr>"},"4":{"name":"In re Cole","case_number":"Case No. 15-30979-KLP","citation":"548 B.R. 132","date":"2016-03-24","url":"https:\/\/www.courtlistener.com\/opinion\/8526836\/in-re-cole\/","abstract":" .\u202f.\u202f. MEMORANDUM OPINION .\u202f.\u202f. ","court_html":"United States Bankruptcy Court, E.D. Virginia"},"5":{"name":"Owens v. Owens","case_number":"3140023","citation":"589 S.E.2d 488","date":"2003-12-16","url":"https:\/\/www.courtlistener.com\/opinion\/1064049\/owens-v-owens\/","abstract":" .\u202f.\u202f. 589 S.E.2d 488 (2003) .\u202f.\u202f. ","court_html":"COA<\/abbr>"},"6":{"name":"CATTANO v. Bragg","case_number":"110692","citation":"727 S.E.2d 625","date":"2012-04-20","url":"https:\/\/www.courtlistener.com\/opinion\/1057899\/cattano-v-bragg\/","abstract":" .\u202f.\u202f. 727 S.E.2d 625 (2012) .\u202f.\u202f. ","court_html":"SCV<\/abbr>"},"7":{"name":"Giannotti v. Hamway","case_number":"Record 880555","citation":"387 S.E.2d 725","date":"1990-01-12","url":"https:\/\/www.courtlistener.com\/opinion\/1261157\/giannotti-v-hamway\/","abstract":" .\u202f.\u202f. 387 S.E.2d 725 (1990) .\u202f.\u202f. ","court_html":"SCV<\/abbr>"}}}},{"id":346928,"structure_id":49801,"section_number":"13.1-748","catch_line":"Receivership or custodianship","url":"\/13.1-748\/","token":"13.1\/9\/16\/13.1-748","metadata":{"court_decisions":{"0":{"name":"CATTANO v. Bragg","case_number":"110692","citation":"727 S.E.2d 625","date":"2012-04-20","url":"https:\/\/www.courtlistener.com\/opinion\/1057899\/cattano-v-bragg\/","abstract":" .\u202f.\u202f. 727 S.E.2d 625 (2012) .\u202f.\u202f. ","court_html":"SCV<\/abbr>"},"1":{"name":"Commonwealth Ex Rel. Beales v. Joco Foundation","case_number":"Record 011794","citation":"558 S.E.2d 280","date":"2002-01-11","url":"https:\/\/www.courtlistener.com\/opinion\/1059393\/commonwealth-ex-rel-beales-v-joco-foundation\/","abstract":" .\u202f.\u202f. SENIOR JUSTICE COMPTON .\u202f.\u202f. ","court_html":"SCV<\/abbr>"},"2":{"name":"Giannotti v. Hamway","case_number":"Record 880555","citation":"387 S.E.2d 725","date":"1990-01-12","url":"https:\/\/www.courtlistener.com\/opinion\/1261157\/giannotti-v-hamway\/","abstract":" .\u202f.\u202f. 387 S.E.2d 725 (1990) .\u202f.\u202f. 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The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1956, chapter 428; in 1985, chapter 522; in 2019, chapter 734<\/a>.<\/p>","references":[{"id":346930,"section_number":"13.1-749","catch_line":"Decree of dissolution","order_by":null,"url":"\/13.1-749\/"}],"refers_to":[{"id":346811,"section_number":"13.1-673","catch_line":"Requirement for and duties of board of directors","order_by":null,"url":"\/13.1-673\/"}],"permalink":{"id":1377623,"object_type":"law","relational_id":346922,"identifier":"13.1-745","token":"13.1\/9\/16\/13.1-745","url":"\/13.1-745\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/13.1-745\/","token":"13.1\/9\/16\/13.1-745","dublin_core":{"Title":"Effect of dissolution","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-745","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A dissolved corporation<\/span> continues its corporate existence but may not carry on any business except that appropriate to wind up and liquidate its business and affairs, including: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Collecting its assets<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Disposing of its properties that will not be distributed in kind to its shareholders<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Discharging or making provision for discharging its liabilities; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Making distributions<\/span> of its remaining assets<\/span> among its shareholders<\/span> according to their interests<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Doing every other act necessary to wind up and liquidate its business and affairs. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Dissolution of a corporation<\/span> does not: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Transfer title to the corporation<\/span>’s property; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Prevent transfer of its shares<\/span> or securities, although the authorization to dissolve may provide for closing the corporation<\/span>’s share transfer records; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Subject its directors to standards of conduct different from those prescribed in Article 9 (§ 13.1-673<\/a> et seq.); <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Change (i) quorum or voting requirements for its board of directors or shareholders<\/span>; (ii) provisions for selection, resignation, or removal of its directors or officers; or (iii) provisions for amending its bylaws; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Prevent commencement of a proceeding<\/span> by or against the corporation<\/span> in its corporate name; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Abate or suspend a proceeding<\/span> pending by or against the corporation<\/span> on the effective date of dissolution; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Terminate the authority of the registered agent of the corporation<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A distribution<\/span> in liquidation<\/span> under this section may only be made by a dissolved corporation<\/span>. For purposes of determining the shareholders<\/span> entitled to receive a distribution<\/span> in liquidation<\/span>, the board of directors may fix a future date as a record date<\/span>. If the board of directors does not fix a record date<\/span> for the determination, the record date<\/span> is the date the board of directors authorizes the distribution<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nEFFECT OF DISSOLUTION (\u00a7 13.1-745)\n\nA. A dissolved corporation continues its corporate existence but may not carry\non any business except that appropriate to wind up and liquidate its business\nand affairs, including:\n\n 1. Collecting its assets;\n\n 2. Disposing of its properties that will not be distributed in kind to its\n shareholders;\n\n 3. Discharging or making provision for discharging its liabilities;\n\n 4. Making distributions of its remaining assets among its shareholders\n according to their interests; and\n\n 5. Doing every other act necessary to wind up and liquidate its business and\n affairs.\n\nB. Dissolution of a corporation does not:\n\n 1. Transfer title to the corporation’s property;\n\n 2. Prevent transfer of its shares or securities, although the authorization to\n dissolve may provide for closing the corporation’s share transfer\n records;\n\n 3. Subject its directors to standards of conduct different from those\n prescribed in Article 9 (§ 13.1-673 et seq.);\n\n 4. Change (i) quorum or voting requirements for its board of directors or\n shareholders; (ii) provisions for selection, resignation, or removal of its\n directors or officers; or (iii) provisions for amending its bylaws;\n\n 5. Prevent commencement of a proceeding by or against the corporation in its\n corporate name;\n\n 6. Abate or suspend a proceeding pending by or against the corporation on the\n effective date of dissolution; or\n\n 7. Terminate the authority of the registered agent of the corporation.\n\nC. A distribution in liquidation under this section may only be made by a\ndissolved corporation. For purposes of determining the shareholders entitled to\nreceive a distribution in liquidation, the board of directors may fix a future\ndate as a record date. If the board of directors does not fix a record date for\nthe determination, the record date is the date the board of directors authorizes\nthe distribution.\n\nHISTORY: Code 1950, \u00a7\u00a7 13.1-83, 13.1-84; 1956, c. 428; 1985, c. 522; 2019, c.\n734.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}