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General Creditor - Late Filed Claim
General Creditor - Late Filed Claim
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| What Is A Description Of Late Filed Claim? |
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Usually claims are due to be filed no later than one year from the original date that the company was placed in liquidation. A claimant should check any claims filing notice received for instructions and the claims bar date. Also check under the individual company’s information on this web site.
If a claim is filed after the claims bar date, the claim may be treated as a late filed claim. Generally, such claims are classified as a Class 7 claim and will only paid if there are sufficient funds to pay all other claimants in classes 1 though 6 in full.
Some late filed claims may be treated by the Liquidator as if timely filed, under circumstances specified under Ohio Revised Code Section 3903.35. Those circumstances include, but are not limited to, the following: (a) the claimant did not know their claim existed and claimant filed a claim promptly after discovering the same, (b) an otherwise secured creditor’s claim was valued and the unsecured portion of that claim is filed within 30 days thereafter, (c) the claim is a claim of a guaranty association for claims covered or expenses incurred, and (d) the payment of such late filed claim does not prejudice the orderly administration of the liquidation.
Therefore a claimant that has missed the claims bar date should file a Proof of Claim in the liquidation proceeding on an approved Proof of Claim form as soon as possible. |
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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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