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General Creditor - Employees
General Creditor - Employees
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| What Is A Description Of Employees? |
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Employees of an insolvent insurance company may have claims for payment of wages or other compensation for services performed prior to the filing of the complaint for liquidation. The first thousand dollars of debts due employees (excluding employees who are officers and directors) for services performed within the last year prior to the filing of the complaint for liquidation are entitled to a higher priority distribution over general unsecured creditors.
To register to participate in a distribution, if any, an employee should file a Proof of Claim in the liquidation proceeding on an approved Proof of Claim form. |
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The information contained herein is subject to change and does not necessarily reflect changes
in the law since the information was prepared or possible changes in the
position of the Liquidator with respect to the treatment of any particular
claim.
Your claim may not be adequately described above. The
facts and circumstances surrounding a claim may affect the handling and
treatment of any claim. Any party
affected by an insurance company liquidation may want to seek the advice of
experienced legal counsel to advise them of their rights and remedies.
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