Legal Question in Business Law in Illinois

That isn't an easy question. While a dissolved corporation cannot continue to conduct business after dissolution, Section 12.30 of the Illinois Business Corporation Act expressly states that "Dissolution of a corporation does not [p]revent suit by or against the corporation in its corporate name." So the corporation could sue to enforce the contract. A bigger question is whether it could win such a lawsuit. In order to enforce restrictive covenants in Illinois, a party must have a protectable interest. Depending on the circumstances of the dissolution and what happens to the business assets, there may be no protectable interest and therefore the contract may be unenforceable.