12.253 – ACTION AGAINST INSOLVENT ENTITY. When the
Texas Business Organizations Code § 12.253
Summary
This law allows the attorney general to take legal action against an insolvent entity to terminate its certificate of formation or registration. It applies to both domestic and foreign filing entities that are unable to meet their financial obligations.
Attorney general can act against insolvent entities.
Applies to both domestic and foreign entities.
Legal proceedings may terminate entity's registration.
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In simple terms: Learn about Texas's ACTION AGAINST INSOLVENT ENTITY. When the law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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