Dissolution and Bankruptcy
If your company is in debt beyond its means, it can file for bankruptcy. Chapter 7 bankruptcy is for liquidation and Chapter 11 bankruptcy is for reorganization of debts. If the debts are small and there is little chance that creditors will pursue collection, bankruptcy is unnecessary. You could go forward with a typical dissolution.
However, if the debts are large and you fear that creditors will attempt to collect the debt from the officers or directors, you should evaluate your options and consult an attorney for further guidance.