Giannotti v. Hamway

In this intracorporate dispute arising in a close corporation, we examine the correctness of the trial court’s decision to order liquidation of the corporate assets and business.

Because this suit was filed in 1980, former Code § 13.1-94 (Repl. Vol. 1978) (now Code § 13.1-747) applies. As pertinent to the controversy, the statute provided:

“Any court of record, with general equity jurisdiction . . . , shall have full power to liquidate the assets and business of [a] corporation . . . :(a) In an action by a stockholder when it is established:(2) That the acts of the directors or those in control…