You should be able to use the DirectoryInfo class for this (requires .NET 4):
var di = new DirectoryInfo(theFolder);
var directories = di.EnumerateDirectories()
.OrderBy(d => d.CreationTime)
.Select(d => d.Name)
.ToList();
In .NET 3.0, you could use DirectoryInfo.GetDirectories, then sort the array afterwards using the same logic.