The charter was revoked for failure to file annual reports and submit the accompanying annual fee. In Asbestos Workers Local Union No. 32 v. Shaughnessy, 306 N.J. Super. 1, 2-4 (App. Div. 1997), we found that revocation of a corporate charter for failure to pay annual fees was not similar to revocation for failure to pay taxes. Asbestos Workers suggests that FGCC could enter into the settlement agreement and perform as a corporation even with revoked status because the minimal procedural failure was not detrimental to its corporate status.
A dissolved corporation can continue its existence for the purpose of winding up its affairs by:
(a) collecting its assets;
(b) conveying for cash or upon deferred payments, with or without security, such of its assets as are not to be distributed in kind to its shareholders;
(c) paying, satisfying and discharging its debts and other liabilities; and
(d) doing all other acts required to liquidate its business and affairs.
In addition, "the corporation may sue and be sued in its corporate name and process may issue by and against the corporation in the same manner as if dissolution had not occurred." N.J.S.A. 14A:12-9(2)(e); see also Lancellotti v. Maryland Cas. Co., 260 N.J. Super. 579, 583 (App. Div. 1992) (stating a dissolved corporation is allowed to prosecute and defend law suits)