{"data":{"id":"us-ky/krs-273.330","jurisdiction":"us-ky","citation":"KRS 273.330","heading":"Jurisdiction of court to liquidate assets and affairs of corporation.","body":"(1) Courts of equity shall have full power to liquidate the assets and affairs of a\ncorporation:\n(a) In an action by a member or director when it is made to appear:\n1. That the directors are deadlocked in the management of the corporate\naffairs and that irrepa rable injury to the corporation is being suffered or\nis threatened by reason thereof, and either that the members are unable\nto break the deadlock or there are no members having voting rights;\n2. That the acts of the directors or those in control of the co rporation are\nillegal, oppressive or fraudulent;\n3. That the members entitled to vote in the election of directors are\ndeadlocked in voting power and have failed for at least two (2) years to\nelect successors to directors whose terms have expired or would have\nexpired upon the election of their successors;\n4. That the corporate assets are being misapplied or wasted; or\n5. That the corporation is unable to carry out its purposes.\n(b) In an action by a creditor:\n1. When the claim of the creditor has been redu ced to judgment and an\nexecution thereon has been returned unsatisfied and it is established that\nthe corporation is insolvent; or\n2. When the corporation has admitted in writing that the claim of the\ncreditor is due and owing and it is established that th e corporation is\ninsolvent.\n(c) Upon application by a corporation to have its dissolution continued under the\nsupervision of the court.\n(d) When an action has been filed by the Attorney General to dissolve a\ncorporation and it is established that liquidati on of its affairs should precede\nthe entry of a decree of dissolution.\n(2) Proceedings under this section shall be brought in the Circuit Court in which the\nregistered office or the principal office of the corporation is situated.\n(3) It shall not be necessary to make directors or members parties to any such action or\nproceedings unless relief is sought against them personally.","path":["KRS Chapter 273"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=13695","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:53:24Z","sha256":"d823943a77732e34095021c3a2c82b1ca8e1e86648a440cfee640d10353e79d9","source_id":"us-ky","stale":false,"prev":"us-ky/krs-273.327","next":"us-ky/krs-273.333"},"notice":"GroundRules: Original legal text. Not legal advice."}