N.Y. Business Corporation Law § 1211: Final distribution by receiver

§ 1211. Final distribution by receiver.

(a) If there remains property of the corporation after the first

distribution, the receiver shall, within one year thereafter, make a

final distribution among the creditors entitled thereto. Notice that

such distribution will be the final distribution to creditors shall be

published once a week for two consecutive weeks in a newspaper of

general circulation in the county where the office of the corporation is

located.

(b) A creditor or claimant who failed to prove his claim before the

first distribution and who proves it before the final one shall receive

the sum he would have been entitled to on the first distribution before

any further distribution shall be made to other creditors or claimants.

(c) Unless the court shall otherwise direct, no other distribution

shall be made thereafter to creditors, except to those having pending

actions against the corporation or the receiver.

(d) After the final distribution to creditors, the receiver shall not

be answerable to any creditor or claimant, unless his claim shall have

been proved before or at the time specified in the notice of the final

distribution.