In the Matter of Dow Chem. Int’l Inc. of Delaware, 2008 Del. Ch. LEXIS 147 (Oct. 14, 2008). The Chancery Court in this opinion rejected a request to appoint a receiver for a dissolved corporation pursuant to Section 279, primarily in light of the company having been dissolved 20 years ago and not having any assets. The purpose for requesting the appointment of a receiver was so that the plaintiff could sue the dissolved company.
The Court explained that DGCL Section 278 provides only a three-year window during which suits can be brought against a dissolved corporation. That section gives the Court discretion to extend the three-year period only to deal with pending litigation or to dispose of remaining assets. That limited grant of discretion did not apply to the facts of this case.