47-26-23. Power of court in liquidation proceedings–Action by creditor.
Courts of equity shall have full power to liquidate the assets and affairs of a corporation in an action by a creditor:
(1)When the claim of the creditor has been reduced to judgment and an execution thereon has been returned unsatisfied and it is established that the corporation is insolvent; or
(2)When the corporation has admitted in writing that the claim of the creditor is due and owing and it is established that the corporation is insolvent.
Source: SL 1965, ch 24, §56 (2).