180.1405(1)(b)
(b) Disposing of its properties that will not be distributed in kind to its shareholders.
180.1405(1)(c)
(c) Discharging or making provision for discharging its liabilities.
180.1405(1)(d)
(d) Distributing its remaining property among its shareholders according to their interests.
180.1405(1)(e)
(e) Doing every other act necessary to wind up and liquidate its business and affairs.
180.1405(2)
(2) Dissolution of a corporation does not do any of the following:
180.1405(2)(b)
(b) Prevent transfer of its shares or securities, although the authorization to dissolve may provide for closing the corporation's share transfer records.
180.1405(2)(c)
(c) Subject its directors or officers to standards of conduct different from those prescribed in this chapter.
180.1405(2)(d)1.
1. Quorum or voting requirements for its board of directors or shareholders.
180.1405(2)(d)2.
2. Provisions for selection, resignation or removal of its directors or officers or both.
180.1405(2)(d)3.
3. Provisions for amending its articles of incorporation or bylaws.
180.1405(2)(e)
(e) Prevent commencement of a civil, criminal, administrative or investigatory proceeding by or against the corporation in its corporate name.
180.1405(2)(f)
(f) Abate or suspend a civil, criminal, administrative or investigatory proceeding pending by or against the corporation on the effective date of dissolution.
180.1405(2)(g)
(g) Terminate the authority of the registered agent of the corporation.
180.1405(3)
(3) Except as provided in
s. 180.1421 (4) and unless a dissolved corporation registers its corporate name under
s. 180.0403 (2), the dissolved corporation retains the exclusive use of its corporate name for 120 days after the effective date of its articles of dissolution or for a shorter period if specified in its articles of dissolution under
s. 180.1403 (1) (d).
180.1405 History
History: 1989 a. 303.
180.1406
180.1406
Known claims against dissolved corporation. 180.1406(1)(1) Except as provided in
sub. (4), a dissolved corporation may dispose of the known claims against it by following the procedure described in this section.
180.1406(2)
(2) A dissolved corporation may deliver written notice of the dissolution to known claimants at any time after the effective date of the dissolution. The written notice is subject to
s. 180.0141 (5) and shall include all of the following:
180.1406(2)(a)
(a) A description of the information that must be included in a claim.
180.1406(2)(c)
(c) The deadline, which may not be fewer than 120 days after the written notice is effective under
s. 180.0141 (5), by which the dissolved corporation must receive the claim.
180.1406(2)(d)
(d) A statement that the claim is barred if not received by the deadline.
180.1406(3)
(3) If a claimant is notified as provided by
sub. (2), the claimant's claim against the dissolved corporation is barred, except as provided in
sub. (4), if any of the following applies:
180.1406(3)(a)
(a) The claimant fails to deliver the claim to the dissolved corporation by the deadline specified in the notice.
180.1406(3)(b)
(b) The dissolved corporation rejects the claim and the claimant does not bring a proceeding to enforce the claim within 90 days after written notice of the rejection is effective under
s. 180.0141 (5).
180.1406(4)
(4) This section does not apply to any of the following:
180.1406(4)(a)
(a) A claim based on a contingent liability or an event occurring after the effective date of the dissolution.
180.1406(4)(b)
(b) The liability of a corporation for an additional assessment under
s. 71.74 or for sales and use taxes determined as owing under
s. 77.59.
180.1406 History
History: 1989 a. 303.
180.1407
180.1407
Claims against dissolved corporation generally. 180.1407(1)(1) A dissolved corporation may publish notice of its dissolution and request that persons with claims, whether known or unknown, against the corporation or its directors, officers or shareholders, in their capacities as such, present them in accordance with the notice. The notice shall be published as a class 1 notice, under
ch. 985, in a newspaper of general circulation in the county where the dissolved corporation's principal office or, if none in this state, its registered office is or was last located. The notice shall include all of the following:
180.1407(1)(a)
(a) A description of the information that must be included in a claim.
180.1407(1)(c)
(c) A statement that a claim against the dissolved corporation or its directors, officers or shareholders is barred unless a proceeding to enforce the claim is brought within 2 years after the publication date of the notice.
180.1407(2)
(2) Except as provided in
sub. (3), if the dissolved corporation publishes a newspaper notice in accordance with
sub. (1), a claim against the dissolved corporation or its directors, officers or shareholders is barred unless the claimant brings a proceeding to enforce the claim within 2 years after the publication date of the newspaper notice, if the claimant is any of the following:
180.1407(2)(b)
(b) A claimant who delivered his or her claim to the dissolved corporation by the deadline set under
s. 180.1406 if the dissolved corporation has not acted on the claim.
180.1407(2)(c)
(c) A claimant whose claim is contingent or based on an event occurring after the effective date of the dissolution.
180.1407(3)
(3) This section does not apply to the liability of a corporation for an additional assessment under
s. 71.74, for an additional assessment of real estate transfer fees under
s. 77.26 or for sales and use taxes determined as owing under
s. 77.59.
180.1407 History
History: 1989 a. 303;
1993 a. 205.
180.1408(1)(1) A claim not barred under
s. 180.1406 or
180.1407 may be enforced against the dissolved corporation to the extent of its undistributed assets.
180.1408(2)
(2) If the dissolved corporation's assets have been distributed in liquidation, a claim not barred under
s. 180.1406 or
180.1407 may be enforced against a shareholder of the dissolved corporation to the extent of the shareholder's proportionate share of the claim or the corporate assets distributed to him or her in liquidation, whichever is less, but a shareholder's total liability for all claims under this section may not exceed the total amount of assets distributed to him or her. As computed for purposes of this subsection, the shareholder's proportionate share of the claim shall reflect the preferences, limitations and relative rights of the class or classes of shares owned by the shareholder as well as the number of shares owned, and shall be equal to the amount by which payment of the claim from the assets of the corporation before dissolution would have reduced the total amount of assets to be distributed to the shareholder upon dissolution.
180.1408 History
History: 1989 a. 303.
180.1420
180.1420
Grounds for administrative dissolution. The department may bring a proceeding under
s. 180.1421 to administratively dissolve a corporation if any of the following occurs:
180.1420(1)
(1) The corporation does not pay, within one year after they are due, any fees or penalties due the department under this chapter.
180.1420(2)
(2) The corporation does not have on file its annual report with the department within one year after it is due.
180.1420(3)
(3) The corporation is without a registered agent or registered office in this state for at least one year.
180.1420(4)
(4) The corporation does not notify the department within one year that its registered agent or registered office has been changed, that its registered agent has resigned or that its registered office has been discontinued.
180.1420(5)
(5) The corporation's period of duration stated in its articles of incorporation expires.
180.1420 History
History: 1989 a. 303;
1991 a. 16;
1995 a. 27.
180.1421
180.1421
Procedure for and effect of administrative dissolution. 180.1421(1)(1) If the department determines that one or more grounds exist under
s. 180.1420 for dissolving a corporation, the department shall give the corporation under
s. 180.0141 notice of the determination. Notwithstanding
s. 180.0141 (2) (b),
(3), and
(4), the notice shall be in writing and addressed to the registered office of the corporation.
180.1421(2)(a)(a) Within 60 days after the notice takes effect under
s. 180.0141 (5) (a), the corporation shall correct each ground for dissolution or demonstrate to the reasonable satisfaction of the department that each ground determined by the department does not exist.
180.1421(2)(b)
(b) If the corporation fails to satisfy
par. (a), the department shall administratively dissolve the corporation. The department shall enter a notation in its records to reflect each ground for dissolution and the effective date of dissolution and shall give the corporation under
s. 180.0141 notice of those facts. Notwithstanding
s. 180.0141 (2) (b),
(3), and
(4), the notice shall be in writing and addressed to the registered office of the corporation.
180.1421(2m)(a)(a) If a notice under
sub. (1) or
(2) (b) is returned to the department as undeliverable, the department shall again give notice to the corporation under
s. 180.0141. Notwithstanding
s. 180.0141 (2) (b),
(3), and
(4) and except as provided under
par. (b), the notice under this paragraph shall be in writing and addressed to the principal office of the corporation.
180.1421(2m)(b)
(b) If the notice under
par. (a) is returned to the department as undeliverable or if the corporation's principal office cannot be determined from the records of the department, the department shall give the notice by publishing a class 2 notice under
ch. 985 in the official state newspaper.
180.1421(4)
(4) The corporation's right to the exclusive use of its corporate name terminates on the effective date of its administrative dissolution.
180.1421 History
History: 1989 a. 303;
1995 a. 27;
2001 a. 44.
180.1422
180.1422
Reinstatement following administrative dissolution. 180.1422(1)(1) A corporation that is administratively dissolved may apply to the department for reinstatement. The application shall include all of the following:
180.1422(1)(a)
(a) The name of the corporation and the effective date of its administrative dissolution.
180.1422(1)(b)
(b) A statement that each ground for dissolution either did not exist or has been cured.
180.1422(2)(a)(a) The department shall cancel the certificate of dissolution and issue a certificate of reinstatement that complies with
par. (b) if the department determines all of the following:
180.1422(2)(a)1.
1. That the application contains the information required by
sub. (1) and the information is correct.
180.1422(2)(a)2.
2. That all fees and penalties owed by the corporation to the department under this chapter have been paid.
180.1422(2)(b)
(b) The certificate of reinstatement shall state the department's determination under
par. (a) and the effective date of reinstatement. The department shall file the certificate and provide a copy to the corporation or its representative.
180.1422(3)
(3) When the reinstatement becomes effective, it shall relate back to and take effect as of the effective date of the administrative dissolution, and the corporation may resume carrying on its business as if the administrative dissolution had never occurred.
180.1422 Annotation
The secretary of state [now dept. of financial institutions] has the power to reinstate a corporation only during the two year period under sub. (1). Avenue, Inc. v. La Follette,
183 Wis. 2d 409,
515 N.W.2d 339 (Ct. App. 1994).
180.1423
180.1423
Appeal from denial of reinstatement. 180.1423(1)
(1) If the department denies a corporation's application for reinstatement under
s. 180.1422, the department shall serve the corporation under
s. 180.0504 with a written notice that explains each reason for denial.
180.1423(2)
(2) The corporation may appeal the denial of reinstatement to the circuit court for the county where the corporation's principal office or, if none in this state, its registered office is located, within 30 days after service of the notice of denial is perfected. The corporation shall appeal by petitioning the court to set aside the dissolution and attaching to the petition copies of the department's certificate of dissolution, the corporation's application for reinstatement and the department's notice of denial.
180.1423(3)
(3) The court may order the department to reinstate the dissolved corporation or may take other action that the court considers appropriate.
180.1423(4)
(4) The court's final decision may be appealed as in other civil proceedings.
180.1423 History
History: 1989 a. 303;
1995 a. 27.
180.1423 Annotation
This section provides an appeal to circuit court only if the application for reinstatement was timely filed and denied under s. 180.1422. Casanova Retail Liquor Store, Inc. v. State,
196 Wis. 2d 947,
540 N.W.2d 18 (Ct. App. 1995),
95-1389.
180.1430
180.1430
Grounds for judicial dissolution. The circuit court for the county where the corporation's principal office or, if none in this state, its registered office is or was last located may dissolve a corporation in a proceeding:
180.1430(1)
(1) By the attorney general, if any of the following is established:
180.1430(1)(a)
(a) That the corporation obtained its articles of incorporation through fraud.
180.1430(1)(b)
(b) That the corporation has continued to exceed or abuse the authority conferred upon it by law.
180.1430(2)
(2) By a shareholder, if any of the following is established:
