N.D. Cent. Code § 10-19.1-116

10-19.1-116. Procedure in involuntary or supervised voluntary dissolution

1. In dissolution proceedings the court may issue injunctions, appoint receivers with all

powers and duties the court directs, take other actions required to preserve the

corporate assets wherever situated, and carry on the business of the corporation until

a full hearing can be held.

2. After a full hearing has been held, upon whatever notice the court directs to be given

to all parties to the proceedings and to any other parties in interest designated by the

court, the court may appoint a receiver to collect the corporate assets, including all

amounts owing to the corporation by subscribers on account of any unpaid portion to

the corporation by subscribers on account of any unpaid portion of the consideration

for the issuance of shares. A receiver has authority, subject to the order of the court, to

continue the business of the corporation and to sell, lease, transfer, or otherwise

dispose of all or any of the property and assets of the corporation either at public or

private sale.

3. The assets of the corporation or the proceeds resulting from a sale, lease, transfer, or

other disposition must be applied in the following order of priority to the payment and

discharge of:

a. The costs and expenses of the proceedings, including attorney's fees and

disbursements;

b. Debts, taxes, and assessments due the United States, this state and its

subdivisions, and other states and their subdivisions, in that order;

c. Claims duly proved and allowed to employees under title 65. Claims under this

subdivision may not be allowed if the corporation carried workforce safety and

insurance, as provided by law, at the time the injury was sustained;

d. Claims, including the value of all compensation paid in any medium other than

money, duly proved and allowed to employees for services performed within three

months preceding the appointment of the receiver, if any; and

e. Other claims duly proved and allowed.

4. After payment of the expenses of receivership and claims of creditors duly proved, the

remaining assets, if any, must be distributed to the shareholders in accordance with

subsection 4 of section 10-19.1-92.