06 60 PLAN OF COMPLETE LIQUIDATION AND DISSOLUTION

• Jurisdiction: Arkansas
• Library: Arkansas Form Book - Complete (2023 Ed.)

06-60 PLAN OF COMPLETE LIQUIDATION AND DISSOLUTION

PLAN OF COMPLETE LIQUIDATION AND DISSOLUTION OF [CORPORATE NAME]

This plan of complete liquidation and dissolution ("Plan") of [corporate name], an Arkansas Corporation ("Company"), is for the purpose of effecting the orderly liquidation and dissolution of the Company in accordance with the requirements of the Arkansas Business Corporation Act of 1987.

1. The Company has [number of shares] authorized, issued and outstanding shares of common stock with a par value of $[stock value] per share. If adopted by the holders of [number of shares] shares of stock entitled to be cast on the proposal to dissolve and liquidate the Company, the following provisions shall constitute the plan of complete liquidation and dissolution of the Company.

2. The board of directors shall sit as a liquidating committee and is hereby authorized, directed and empowered to do all things necessary to completely wind up the active conduct of the Company's business and liquidate and distribute all of its assets in complete liquidation. This liquidating committee is empowered to hire employees or...