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HomeCorporations CodeCh. 16§ 8614 Corporate Winding Up Oversight

§ 8614 Corporate Winding Up Oversight

Corporations Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 8614 Corporate Winding Up Oversight

Key Takeaways

  • •If a company is closing down on its own, a court can step in to make sure everything is done fairly.
  • •The court can help if someone asks for it—like the company itself, its leaders, the Attorney General (if the company holds charity money), or at least three people the company owes money to.
  • •The court makes sure everyone involved—like the company’s members, people it owes money to, or charity assets—are protected during the shutdown.
  • •Once the court is involved, it can give orders to make sure the shutdown is fair and follows the rules.

Example

A small toy company decides to close down because it’s not making enough money. Some people who lent money to the company worry they won’t get paid back.

If three of these lenders are worried, they can ask a court to step in. The court will make sure the company pays back what it owes fairly and follows the rules while shutting down.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 8614 Corporate Winding Up Oversight

If a corporation is in the process of voluntary winding up, the superior court of the proper county, upon the petition of (a) the corporation, or (b) the authorized number (Section 5036), or (c) in the case of a corporation holding assets in charitable trust, the Attorney General, or (d) three or more creditors, and upon such notice to the corporation and to other persons interested in the corporation as members and creditors as the court may order, may take jurisdiction over such voluntary winding up proceeding if that appears necessary for the protection of any parties in interest or in the case of a corporation holding assets in charitable trust, for the protection of such assets. The court, if it assumes jurisdiction, may make such orders as to any and all matters concerning the winding up of the affairs of the corporation and the protection of its members, creditors and in the case of a corporation holding assets in charitable trust, for the protection of such assets, as justice and equity may require. The provisions of Chapter 15 (commencing with Section 8510) (except Sections 8510 and 8511) shall apply to such court proceedings. (Added by Stats. 1978, Ch. 567.)

Last verified: January 23, 2026

Key Terms

voluntary winding upsuperior courtcharitable trustAttorney General

Related Statutes

  • § 12634 Corporate Winding Up Oversight
  • § 6614 Corporate Winding Up Oversight
  • § 8617 Corporate Dissolution Court Petition
  • § 8712 Director Identity Or Appointment
  • § 1603 Corporate Records Inspection Enforcement

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Corporations Code. Section 8614.
View Official Source