Liquidating fiduciary

22-Oct-2017 22:34

Fiduciary was not licensed to conduct the business of insurance in any other state.Effective January 1, 2005, the NYS Insurance Department (a predecessor to NYS Department of Finance) converted Fiduciarys license to conduct business in the State of New York from that of an accident and health insurance company to that of a property and casualty insurance company.Among the many troublesome aspects of the Bankruptcy Abuse and Consumer Protection Act of 2005 (BAPCPA), the one most likely to impact a number of mid-cap and small-cap chapter 11 cases is BAPCPA's creation of several new administrative expense claims, or at least potential administrative claims. 1998); Oil Chemical & Atomic Workers, AFL-CI0-CLC v. In one such provision, BAPCPA arguably converts many, if not most, Worker Adjustment and Retraining Notification (WARN) Act "back pay" claims into expenses of administration regardless of whether or not the layoff or plant closing occurred pre- or post-petition.

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Many start-up companies backed by venture capital financing, especially those still in the development phase or which otherwise are not cash flow breakeven, at some point may face the prospect of running out of cash.Although beyond the scope of this post to analyze each wind down option in detail, the following is a brief overview of different approaches, together with links giving more information. When a company’s cash is running out and investors have decided not to provide additional financing, the board may conclude that a wind down is required to fulfill fiduciary duties and maximize value.