§ 7085. Termination of proceedings
(a) When all assets justifying the expense of collection and distribution have been collected and distributed under this chapter, the liquidator shall apply to the Court for discharge. The Court may grant the discharge and make any other orders, including an order to transfer any remaining funds that are uneconomic to distribute, as may be deemed appropriate.
(b) Any other person may apply to the Court at any time for an order under subsection (a) of this section. If the application is denied, the applicant shall pay the costs and expenses of the liquidator in resisting the application, including reasonable attorney’s fees. (Added 1991, No. 45, § 2, eff. May 29, 1991.)
Structure Vermont Statutes
Title 8 - Banking and Insurance
Chapter 145 - Supervision, Rehabilitation, and Liquidation of Insurers
§ 7032. Jurisdiction and venue
§ 7033. Injunctions and orders
§ 7034. Cooperation of officers, owners, and employees
§ 7035. Continuation of delinquency proceedings
§ 7036. Condition on release from delinquency proceedings
§ 7041. Commissioner’s summary orders and supervision proceedings
§ 7043. Confidentiality of hearings
§ 7051. Grounds for rehabilitation
§ 7053. Powers and duties of the rehabilitator
§ 7054. Actions by and against rehabilitator
§ 7055. Termination of rehabilitation
§ 7056. Grounds for liquidation
§ 7058. Continuance of coverage
§ 7059. Dissolution of insurer
§ 7061. Notice to creditors and others
§ 7063. Actions by and against liquidator
§ 7064. Collection and list of assets
§ 7065. Fraudulent transfers prior to petition
§ 7066. Fraudulent transfer after petition
§ 7067. Voidable preferences and liens
§ 7068. Claims of holders of void or voidable rights
§ 7072. Recovery of premiums owed
§ 7073. Domiciliary liquidator’s proposal to distribute assets
§ 7077. Special provisions for third party claims
§ 7080. Secured creditor’s claims
§ 7081. Priority of distribution
§ 7082. Liquidator’s recommendations to the Court
§ 7083. Distribution of assets
§ 7084. Unclaimed and withheld funds
§ 7085. Termination of proceedings
§ 7087. Disposition of records during and after termination of liquidation
§ 7088. External audit of the receiver’s books
§ 7091. Conservation of property of foreign or alien insurers found in this State
§ 7092. Liquidation of property of foreign or alien insurers found in this State
§ 7093. Domiciliary liquidators in other states
§ 7094. Ancillary formal proceedings
§ 7095. Ancillary summary proceedings
§ 7096. Claims of nonresidents against insurers domiciled in this State
§ 7097. Claims of residents against insurers domiciled in reciprocal states