Regulatory Alerts2009-04-03 | ISGC-2009-001-DOBISGC-2009-001-DOB: Winding-Up The Affairs Of A Business Development Corporation
The Washington State Department of Financial Institutions issued this formal interpretation to guide a Business Development Corporation through voluntary liquidation and asset assignment under the Business Development Company Act. The guidance mandates that the corporation obtain a two-thirds shareholder vote, publish creditor notices, and settle all debts before distributing remaining proceeds to shareholders. It further outlines specific statutory procedures for handling unclaimed assets, record retention, and filing articles of dissolution with the Secretary of State.
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