Topic:
Dissolution of business entities
(Harmon, D-Oak Park; Currie, D-Chicago) amends several acts governing business organizations regarding director and officer liability during periods of dissolution. Reinstatement of the organization reinstates the corporate liability shield for directors, officers, employees, and agents of the organization for actions taken during the period of dissolution. Clarifies that directors are not liable for actions that are necessary and appropriate to wind up and liquidate a corporation’s business and affairs. Effective January 1, 2015.