Legal Dictionary of Pakistan

Articles of dissolution

a document that a dissolving corporation must file with the appropriate governmental agency, usu. The secretary of state, after the corporation has settled all its debts and distributed all its assets.

certificate of dissolution

A document issued by a state authority (usu. the secretary of state) certifying that a corporation has been dissolved.

de facto dissolution

The termination and liquidation of a corporation's business, esp. because of an inability to pay its debts.

dissolution

n. 1. The act of bringing to an end; termination. 2. The cancellation or abrogation of a contract, with the effect of annulling the contract's binding force and restoring the parties to their original positions. See RESCISSION. 3. The termination of a corporation's legal existence by expiration of its charter, by legislative act, by bankruptcy, or by other means; the event immediately preceding the liquidation or winding-up process.

dissolution bond

See discharging bound under bond (2).

involuntary dissolution

The terminatit,ii of a corporation administratively (for failure to file reports or pay taxes), judicially (for abuse of corporate authority, management deadlock, or failure to pay creditors), or through involuntary bankruptcy.

marital dissolution

See DIVORCE.

them is by lease, sale, or other form of contract. and whether the effect is the dissolution of one, both, or neither of the companies. 4. Ciud procedure. The court-ordered unification of two or more

voluntary dissolution

A corporation's termination initiated by the board of :fire,_lors and approved by the shareholders 4. The termination of a previously existing partnership upon the occurrence of an event specified in the partnership agreement, such as a partner's withdrawal from the partnership. Cf. WINDING UP. - dissolve, ub.