Company registration: pending suits continue but members are protected from personal execution; winding up allowed if assets insufficient. Pending suits and other legal proceedings against the company, its public officers, or members at the time of registration may be continued as if registration had not occurred. Execution shall not issue against individual members' property or persons on any decree or order from those proceedings; if company property is insufficient to satisfy a decree or order, an order may be sought for winding up the company or initiating insolvency proceedings.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Company registration: pending suits continue but members are protected from personal execution; winding up allowed if assets insufficient.
Pending suits and other legal proceedings against the company, its public officers, or members at the time of registration may be continued as if registration had not occurred. Execution shall not issue against individual members' property or persons on any decree or order from those proceedings; if company property is insufficient to satisfy a decree or order, an order may be sought for winding up the company or initiating insolvency proceedings.
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