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Topic: Insolvent

In the News (Wed 15 Feb 12)

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	Insolvent Carriers
		Many of the insolvent insurers are in court-approved "schemes of arrangement" that pay a dividend of up to 25%, with additional payments in subsequent years.
		In contrast to the insolvent carriers, the solvent but non-participating insurers have adequate funds to pay claims and therefore, the likelihood of recovering a solvent insurer's full share of the total settlement is high.
		Because DRM is familiar with the insolvent recovery processes, the policyholder's claim is smoothly guided through the process without the need for significant time and effort on the part of the insured.
	www.uniset.ca /lloydata/insolventcarriers.htm (718 words)

	Rehabilitation of an insolvent
		If an insolvent wants to be considered not insolvent any more within ten years of having been declared insolvent, he or she can apply for rehabilitation.
		if the insolvent has made an offer of composition that was accepted by three quarters of his or her creditors in number and value, and the insolvent has either made payment or given security.
		the insolvent shall be considered rehabilited – unless, within ten years of the court having declared someone insolvent, an interested person applies to the court not to rehabilitate the insolvent, and this application is granted.
	www.services.gov.za /rehabilitationbyinsolvent.aspx (511 words)

	IRMI - Insurer Insolvency and Reinsurance
		Because of this, between the insolvent reinsured's assets and the state guaranty funds, those policyholders who were not plaintiffs in the direct action would likely be fully satisfied even if the plaintiffs were allowed to siphon off these reinsurance proceeds.
		Whether disputes between the insolvent reinsured and the reinsurer remain subject to arbitration or whether those disputes must be addressed in the liquidation court varies by state.
		From the insured's point of view, however, funds flowing from the reinsurer into the insolvent reinsured's estate may be beyond reach if the estate's assets are insufficient to fund all policyholder claims along with other priority claimants, unless the insured had negotiated a cut-through arrangement.
	www.irmi.com /Expert/Articles/2004/Schiffer07.aspx (2082 words)

	Insolvency - Wikipedia, the free encyclopedia
		In the United States, under the Uniform Commercial Code, a person is considered "insolvent" when the party has ceased to pay its debts in the ordinary course of business, or cannot pay its debts as they become due, or is insolvent within the meaning of the Bankruptcy Code.
		Although the terms bankrupt and insolvent are often used in reference to governments or government obligations, a government cannot be insolvent in the normal sense of the word.
		As governments are sovereign entities, persons who hold debt of the government cannot seize the assets of the government to re-pay the debt.
	en.wikipedia.org /wiki/Insolvency (468 words)

	What is Sequestration? (Part 2)
		The insolvent estate basically consists of all property owned by the insolvent at the date of sequestration (including property in the hands of the sheriff under a writ of attachment) and all property which the insolvent acquires during the sequestration.
		The insolvent may keep, for his or her own use, clothing, bedding, household furniture, tools and other means of earning a living as the creditors may (by resolution) determine.
		Although money which an insolvent earns by working may have to be paid to the trustee of the insolvent estate to contribute towards creditors' claims, the insolvent may keep enough money back to support him- or herself and his or her dependents.
	members.tripod.com /cab94/mallin50.htm (580 words)

	Welcome to the Financial Gazette Online! (Site not responding. Last check: 2007-10-29)
		Interest that accrues to an insolvent’s bank account during the period of sequestration is part of his property.
		For property to form part of the estate, it is not enough that it is in the possession of the insolvent or under his control, the insolvent must own it (Kelly v Lombard).
		In most cases where the insolvent is not a large company, it is usually a fact that it will not have sufficient records to enable tests of completeness to be undertaken.
	www.fingaz.co.zw /fingaz/2004/May/May13/5443.shtml (1084 words)

	Interpretation Note 8: Insolvent Estates
		Upon the sequestration of a taxpayer's estate as insolvent, his/her assets become vested in the trustee or administrator (hereinafter referred to as "trustee") who is appointed to take control of the administration and liquidation of the estate for the benefit of the creditors.
		The insolvent will be assessed as a natural person for the period prior to insolvency, as well as for the period subsequent to insolvency should any income accrue to him in his personal capacity.
		The trustee of his insolvent estate continued with the operation of the sports bar on behalf of the insolvent estate (and ultimately the benefit of the creditors) until 31 January 2002.
	www.ftomasek.com /in0008.html (1713 words)

	Responsibilities to patients of insolvent MCOs (Site not responding. Last check: 2007-10-29)
		In fact, whether a physician is required to provide treatment to patients of an insolvent PPO or HMO through the effective date of liquidation or beyond typically depends upon the physician’s obligations under the provider agreement or state statute(s).
		This distinction becomes critical when the physician is required to provide treatment to patients of the insolvent MCO and may, in fact, never get paid for his or her services.
		Accordingly, the physician need be ever mindful of his or her contractual obligations to continue treatment of patients of an insolvent MCO and the risks inherent in providing or not providing that treatment.
	www.physiciansnews.com /law/200.html (1472 words)

	Position of an Insolvent’s property by law - Deccan Herald - Internet Edition (Site not responding. Last check: 2007-10-29)
		An insolvent is not considered a legal person for the purpose of enforcement of any obligation committed by him either during the pendency of insolvency proceedings or after he is adjudged as insolvent.
		Thus, a foreigner cannot be adjudged insolvent by a court in India unless the alleged act of insolvency was committed or suffered by that person during his personal residence in India.
		But, the immovable property of an insolvent situate in a foreign country, shall be governed by the law of the country within whose jurisdiction such property is situated.
	www.deccanherald.com /deccanherald/oct132006/realty14342520061012.asp (1199 words)

	The Insolvent Partnerships (Amendment) (No. 2)Order 2002
		(4) In this Part a reference to an insolvent partnership includes a reference to an insolvent partnership in relation to which a proposal for a voluntary arrangement may be made by virtue of Article 3 of the EC Regulation.
		(6) Notwithstanding subsection (5) an officer of an insolvent partnership may be liable to imprisonment or a fine under the paragraphs referred to in that subsection in the same manner as an officer of a company.
		(2) Where the nominee is the liquidator, administrator or trustee of the insolvent partnership, he shall summon meetings of the members of the partnership and of the partnership's creditors to consider the proposal for such a time, date and place as he thinks fit.
	www.opsi.gov.uk /si/si2002/20022708.htm (8813 words)

	Insolvent Debtors Docket
		Petitions show court term, name of insolvent debtor; dependents whom indebted; amount owed each; age, marital status, and number of children or debtors; date of petition; signatures of insolvent debtor and witness; and date summonses issued.
		Entries on summonses show names of insolvent debtor and creditors to be summoned, date of court appearance, date summonses issued, and signature of prothonotary.
		Insolvent debtor affidavits show names of insolvent debtor, plaintiff or plaintiff's representatives, oath of insolvent debtor to convey all property to creditors date of affidavit and discharge and signatures of insolvent debtor and prothonotary.
	www.state.de.us /sos/dpa/collections/guide/1217/1217-S01-177.shtml (171 words)

	Probate and estate administration in Virginia - VirginiaEstateLaw.com - Insolvent Estates
		If a Virginia personal representative is faced with an insolvent estate, that is, an estate where the assets are not sufficient to pay all debts, claims and expenses, it is recommended that the personal representative seek legal advice in handling the estate.
		Generally, where an estate is insolvent, Virginia law provides a specific priority of payment of debts and claims.
		If it turns out that the estate is insolvent, the personal representative may be required to reimburse the amount of that bill in excess of $2,000.
	www.virginiaestatelaw.com /main/chapters/account/insolvent.shtml (316 words)

	RULE 4:91. INSOLVENT ESTATES
		The court may, on the presentation of the report of claims and the presentation of the account, adjudge the estate to be insolvent and determine the amount of each claim and its priority for payment.
		If an action by a creditor or other interested party is pending against the executor or administrator on the date of the filing of the complaint to adjudge the estate insolvent, the action may proceed to final judgment, but no execution shall issue until final judgment is entered in the insolvency proceeding.
		If the estate is adjudicated insolvent, the judgment creditor shall be entitled to receive the ratable portion determined by such final judgment.
	www.judiciary.state.nj.us /rules/r4-91.htm (562 words)

	AAR: Publication: Focus: Insolvent trading
		In this case, the judge's view was that the company was insolvent, as alleged by ASIC, from 14 September 1999 onwards.
		On that date the ANZ Bank informed the managing director that funds from the sale of part of the business must be paid to the bank in reduction of the debts owed, that the bank had decided to end its relationship with Water Wheel and that its credit facilities were repayable on demand.
		This case is an example of the application of the insolvent trading provisions and what facts might be held to be grounds for suspecting insolvency.
	www.aar.com.au /pubs/insol/insoljun03.htm (2382 words)

	MCLE Self-Study
		One of the consequences of these varying standards is that the mere insolvency or bankruptcy of the parent company does not necessarily deem its subsidiaries insolvent, although insolvency may result from a lack of financial support from the parent company.
		Directors and officers who permit their Australian companies to continue trading while insolvent may be held civilly and criminally liable and the directors may also be disqualified by the courts from managing a corporation for a specified period of time.
		In Japan, although there is no prohibition against insolvent trading, representative directors of a Japanese company that has filed for bankruptcy have a duty to explain the circumstances of insolvency of their company to the court.
	www.calbar.ca.gov /calbar/2cbj/01nov/mclestdy.htm (2026 words)

	Insolvent Partnerships - Determine Insolvency
		You may think that being under cashflow pressure is not the same as being insolvent.
		It is vitally important to understand that, if the business is insolvent, this results in a shift in the partner’s duty of care from acting for the business to ensuring the creditor’s position is maximised.
		Many people tell us that on a balance sheet test the business is not insolvent therefore they do not need to act.
	www.companyrescue.co.uk /partnership-rescue/guides/insolvent.html (735 words)

	The Insolvent Customer
		The methods of handling the affairs of financially distressed or insolvent business debtors may be divided into two classes: those designed to keep the debtor in business and restore the business to profitability; and those designed to put the debtor out of business, realize the assets, and distribute the proceeds among creditors.
		The preference period is ninety days generally and during that period the debtor will be presumed to have been insolvent at the time of a transfer on account of an antecedent debt.
		In the case of a transfer to an insider as defined in Title 11 § 101, however, the preference period is extended to one year prior to bankruptcy.
	www.crfonline.org /orc/cro/cro-12.html (6132 words)

	Insolvent
		Insolvent was formed in 2002 by Peter and Michael when they decided to make use of material that were originally written for Requiem, but had been discarded for different reasons.
		Peter had heard some songs that feautured Linnéa Sporre on vocals and asked her if she wanted to participate on some of the earlier Insolvent material.
		The sound of Insolvent has developed in a way that differs a lot from what Requiem does, and the two should probably not be compared.
	www.mbus.com /bands/genadm/Insolvent.htm (139 words)

	Clarification of New Law on Insolvent Insurers
		That law was passed last session and it is meant to protect: (1) patients from being denied care if they’ve paid their premium and copays and (2) physicians from what has happened in other states where continued services have been compelled without a pre-determined level of minimum payment and duration of services.
		(iv) The rehabilitator or liquidator of an insolvent health maintenance organization shall take those measures that are possible to ensure that no health maintenance organization is required to accept more than its pro rata share of the adverse risk represented by the enrollees of the insolvent health maintenance organization.
		As long as the methodology used by the rehabilitator or liquidator to assign an enrollee is one which can be expected to produce a reasonably equitable distribution of adverse risk, that methodology and its results are acceptable under this Subsection (2)(d)(iv).
	www.utahmed.org /clarification.htm (3032 words)

	Laws, Acts, and Legislation
		(C) The receiver, liquidator, or statutory successor of an insolvent insurer shall be bound by settlements of covered claims by the association or a similar organization in another state.
		The expenses of the association or similar organization in handling claims shall be accorded the same priority as the liquidator's expenses.
		(D) The association periodically shall file with the receiver or liquidator of an insolvent insurer reports of the covered claims paid by the association and estimates of anticipated claims on the association, which shall preserve the right to the association against the assets of the insolvent insurer.
	www.legislature.state.oh.us /bills.cfm?ID=126_HB_536 (1122 words)

	An Insolvent Probate Estate
		RCW 11.68.011(2) Consequently, if the estate is insolvent at the hearing on your Petition for Letters, you are ineligible to be granted Nonintervention Powers.
		exceeds the apparent value of the property in the estate --- appearing to cause the estate to be insolvent.
		Within 10 days of your receiving the Creditor's Claims that appear to cause the estate to be insolvent.
	www.wa-probate.com /Instructions/Administering/Insolvent-Estate.htm (816 words)

	Is your company insolvent, take this simple insolvency test
		It is vitally important to understand that, if the business is insolvent, this results in a shift in the director’s duty of care from acting for the shareholders to ensuring the creditors position is maximised.
		For example if you are not paying the deductions from employees for NIC and Income Tax across to the Inland Revenue on the 19th of the month after the month they were deducted, then the company could be insolvent.
		Many directors tell us that on a balance sheet test the company is not insolvent therefore they do not need to act.
	www.companyrescue.co.uk /company-rescue/guides/insolvency-test.html (675 words)

	The Insolvent Partnerships (Amendment) Order 2005
		(2) In its application to insolvent partnerships, Part II of, and Schedule B1 to, the Act (as modified as set out in Schedule 2 to this Order) shall be read subject to paragraph (3).
		(b) the insolvent partnership is being wound up as an unregistered company or an order by virtue of article 11 of the Insolvent Partnerships Order 1994 has been made, in pursuance of a petition presented before the moratorium came into force.
		(c) in the case of an administrator appointed under paragraph 22, to the members of the insolvent partnership.
	www.opsi.gov.uk /si/si2005/20051516.htm (9127 words)

	Clayton Utz - Australia - Insolvent Trading: Who´s Liable? (11/01/2004) from Mondaq
		Australian directors have long lived in the shadow of insolvent trading.
		However, although directors' liability for insolvent trading is well-known, it's not so widely known that that liability can extend to people and organisations who have never been appointed to the board.
		A holding company will most usually be a company that holds more than half of the voting shares in a company....
	www.mondaq.com /i_article.asp_Q_articleid_E_23861 (257 words)

	Trading while insolvent - Wikipedia, the free encyclopedia
		In many legal systems, once a company becomes insolvent, the directors have to take particular care.
		Under UK law, trading while insolvent can trigger several provisions under the Insolvency Act 1986 which may have the effect of making directors of a company personally liable to contribute to the assets of a company.
		Under the provision of this act, when a company goes into liquidation, the liquidator must make a report to the Disqualification Unit of the Department of Trade and Industry on the conduct of all directors.
	en.wikipedia.org /wiki/Trading_whilst_insolvent (207 words)

	Indiana Code 30-2-7
		When a decedent's estate already in the course of administration is judicially declared insolvent or when in an equity receivership it is determined that the subject under receivership is insolvent, secured creditors having claims on file which do not comply with this section shall make disclosure within a time to be fixed by the court.
		When any creditor has legal or equitable security upon assets which are exempt from process for the satisfaction of unsecured debts and are duly claimed as exempt by the insolvent debtor, the value of such security shall not be credited upon the claim.
		Amounts realized by the creditor from such security after liquidation proceedings are begun shall be disregarded in computing dividends, unless the dividend so computed exceeds the sum actually owing upon the claim, in which event only the amount owing shall be paid.
	www.in.gov /legislative/ic/code/title30/ar2/ch7.html (733 words)

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