Question: Saunders Corp. has been experiencing losses for several years but still has valuable fixed assets. The shareholders see little hope that the corporation will ever

Saunders Corp. has been experiencing losses for several years but still has valuable fixed assets. The shareholders see little hope that the corporation will ever make a profit. Another corporation, Topway Corp., has not paid state taxes for several years or filed annual reports as required by statute. In addition, Topway is accused of committing gross and persistent ultra vires acts. Discuss whether these corporations will be terminated and how the assets of each would be handled on dissolution.

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