The statutory provisions governing dissolution and liquidation usually prescribe procedures to safeguard the interests of the corporation's creditors.These procedures include:

Question

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The statutory provisions for dissolution and liquidation are designed to protect creditors' interests by preserving claims against the corporation, requiring a general publication of notice to inform potential claimants, and mandating the mailing of notice to known creditors to ensure they are aware of the dissolution process and can act to protect their interests.

The Statutory Provisions Governing Dissolution and Liquidation Usually Prescribe Procedures