Can you take over a dead guild in wow?

Can you really take over a dead guild in World of Warcraft? I've heard rumors that it's possible, but I'm not sure if it's actually feasible. Is there a specific process or set of steps that one needs to follow in order to successfully assume control of a defunct guild? And what happens to the guild's assets and resources if someone does manage to take it over? I'm curious to know if this is a viable option for players looking to revive a struggling or abandoned guild.