A dissolution may be judicially decreed if a proceeding is brought by the state, a shareholder, or a creditor.

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A dissolution of a corporation can indeed be judicially decreed if a proceeding is brought by the state (typically for legal or regulatory violations), a shareholder (for reasons such as deadlock or fraud), or a creditor (if the corporation is insolvent or in default on its obligations).

A Dissolution May Be Judicially Decreed If a Proceeding Is