Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Affirmative Insurance Holdings Expedited Hearing Approved

0
0

According to the U.S. Bankruptcy Court docket, the Court approved the motion of Anne Melissa Dowling, acting director of insurance for the State of Illinois and Court-affirmed rehabilitator of Affirmative Insurance Company for an order granting expedited consideration of the motion for entry of an order dismissing the Debtors’ Chapter 11 cases, pursuant to Section 1112(b)(1) of the United States Bankruptcy Code.

As previously reported, “Dismissal, not conversion, is the appropriate remedy under Section 1112(b): (a) the Debtors have no assets to reorganize or liquidate, except causes of action that were already being pursued prepetition or can be brought and pursued outside of bankruptcy post-dismissal; (b) the Debtors have no on-going business to preserve – the Debtors’ regulated insurance subsidiaries are all under the control of state regulatory agencies, and the agreement under which Debtors provided services to those subsidiaries has been terminated; (c) the Debtors only employee is an officer who has no business to run and no employees to supervise, and (d) administrative expenses of these estates appear to have ballooned to $1.4 million in just over four months, with no end in sight and no cash with which to pay them.”

Read more bankruptcy news.

The post Affirmative Insurance Holdings Expedited Hearing Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images