What is needed for an INVOLUNTARY dissolution?
1) Management is behaving badly (20% or more of voting shares in a CLOSE CORP. may petition). Bad activities include illegal, fraudulent or OPPRESSIVE activities, or the waste, diversion, or looting or assets
2) Deadlock: directors TOO DIVIDED to manage corp., or S/H too divided to elect directors AND dissolution would be beneficial (at least 1/2 of shares entitled to vote may petition)
3) S/H unable to elect directors for 2 annual meetings (any S/H may petition)
4) ASSETS are INSUFFICIENT to satisfy liabilities, AND dissolution would be beneficial to S/Hs (BOD or majority of shares entitled to vote may petition)