(1) The corporation shall immediately cause notice thereof to be mailed to each known creditor of the corporation;

(2) The corporation shall forthwith publish, once in each of four successive weeks (four publications) in a newspaper of general circulation published in the State, notice thereof to all creditors of the corporation. The corporation, with the approval of the director, may omit the publication of the notice if the corporation has insufficient assets to pay for the publication;

(3) The corporation shall proceed to collect its assets, convey, and dispose of such of its properties as are not to be distributed in kind to its shareholders, pay, satisfy, and discharge its liabilities and obligations and do all other acts required to liquidate its business and affairs, and, after paying or adequately providing for the payment of all of its obligations, distribute the remainder of its assets, either in cash or in kind, among its shareholders according to their respective rights and interests; and

(4) The corporation, at any time during the liquidation of its business and affairs, may make application to a court of competent jurisdiction within the State and judicial subdivision in which the principal office or principal place of business of the corporation is situated, to have the liquidation continued under the supervision of the court as provided in this chapter. [L 1983, c 167, pt of §1; am L 1985, c 270, §4; am L 1987, c 135, §61; am L 1988, c 373, §6]