Yeah that's the way it works today and in Real Life. Clearly the cyberpunk scenario is a hypothetical, but it might not be as far-fetched as it seems.
Whether it's a Good Idea or not is, obviously a big question.
Yes, corporate charters have been revoked for failure to comply with legal requirements. AFAIK, the most recent period of time during which this (sometimes referred to as the "corporate death sentence") was an actively-pursued remedy for violations of the law in the US (though it is one on the books still in, I believe, all states) is the late 19th and early 20th century [1].
[1] Some New York cases discussed starting on p. 250 (of the source document, not the PDF) under "Revocations Based on Misuse of the Corporate Charter for Violations of State Law": http://digitalcommons.pace.edu/cgi/viewcontent.cgi?article=1...
Corporations are entities who owe their existence to government and can be terminated at a whim by government. If the government chartering a corporation decides it shouldn't continue to exist, it doesn't exist anymore.
This gets obscured a lot by the fact that the same class of people that derive the most benefit from the existence of corporations also have disproportionate power over government, so that this power is very rarely exercised, but that's not because corporations are powerful enough to resist government or even theoretically could be, its because corporations and governments ultimately are run by the same people.