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the solution is the termination of corporate existence the corporation ceases to have legal personality due to causes provided by law on this part we will be discussing the two kinds of dissolution voluntary dissolution and involuntary dissolution voluntary dissolution may or may not affect creditors voluntary dissolution may also be done by amending the articles of incorporation to shorten the corporate term also in case of a corporation sold by submitting to the sec a verified declaration of dissolution when there is a voluntary solution this is at the instance or initiative of the cooperation as a general rule this solution would require majority both of the members of the board of directors or trustees in a meeting wherein they constitute a core rule with the concurrence of the stakeholders representing tutors of the outstanding capital staff or tutors of members however we have an exception to this rule in case of voluntary distribution wherein no creditor is affected which would
