Section 690 Of Article 4. Liquidation Of An Uninsured Licensee From California Financial Code >> Division 1. >> Chapter 7. >> Article 4.
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. (a) When the commissioner has completed the liquidation of the
licensee, he or she shall petition the court for an order declaring
the licensee duly wound up and dissolved.
(b) After any notice as the court may direct and a hearing, the
court may make an order declaring the licensee duly wound up and
dissolved. The order shall declare all of the following:
(1) The licensee has been duly wound up.
(2) A final franchise tax return, if any, as described by Section
23332 of the Revenue and Taxation Code, has been filed with the
Franchise Tax Board as required under Part 10.2 (commencing with
Section 18401) of Division 2 of the Revenue and Taxation Code, and
any tax or penalty due under the Corporation Tax Law has been paid,
and the licensee's known debts and liabilities have been paid or
adequately provided for, or any taxes, penalties, debts, and
liabilities have been paid so far as the licensee's assets permitted,
as the case may be. If there are known debts or liabilities for the
payment of which adequate provision has been made, the order shall
describe the provision, setting forth any information necessary to
enable the creditor or other person to whom payment is to be made to
appear and claim payment of the debt or liability.
(3) All known assets of the licensee have been distributed to its
shareholders or wholly applied on account of the licensee's debts and
liabilities.
(4) The licensee is dissolved.
(c) The court may make additional orders and grant further relief
as it deems proper upon the evidence submitted.
(d) Upon the making of the order declaring the licensee dissolved,
the corporate existence of the licensee shall cease, except for the
purposes of any necessary further winding up.
(e) Upon the making of the order declaring the licensee dissolved,
the commissioner shall file with the Secretary of State a copy of
the order, certified by the clerk of the court.