What is the procedure for liquidating a corporation?

The procedure for liquidating a corporation is clearly defined in the Revised Corporation Code and involves a systematic approach to ensure fairness and compliance with legal requirements. This includes several critical steps: first, the corporation must settle its liabilities, which means addressing all outstanding debts to creditors. This is important to protect the interests of all stakeholders involved, as creditors have priority claims over the corporation's assets.

Once all debts are settled, the remaining assets of the corporation can then be distributed among the shareholders. This distribution must also follow the legal framework outlined in the Code, ensuring that each shareholder receives their rightful share based on their ownership stake and the corporation's bylaws.

Maximizing asset value, consulting financial advisors, or notifying shareholders post-settlement do not comprehensively cover the entire legal process involved in liquidation. While they might form part of a corporate strategy in various contexts, they aren't the main procedural steps mandated by law for the liquidation of a corporation. Thus, the importance of following the outlined legal procedure, which encompasses settling debts and appropriately distributing assets to shareholders, underscores why this response is correct.