§ 27-1-23 - Plan for reorganization of company in receivership – Application for submission of plan to creditors and stockholders.
SECTION 27-1-23
§ 27-1-23 Plan for reorganization ofcompany in receivership – Application for submission of plan to creditorsand stockholders. – Whenever a receiver has been appointed for an insurance company incorporatedunder the laws of this state, any creditor or creditors or any stockholder orstockholders of the company may propose to the receiver a plan of compromise orarrangement between the company and its creditors or classes of creditors andstockholders or classes of stockholders. If the receiver is satisfied that theadoption of the plan would be more advantageous to the creditors than any othercourse of procedure available to the receiver under the laws of this state, andif the receiver is further satisfied that the plan is, in other respects, fairand equitable to all creditors or classes of creditors and stockholders orclasses of stockholders, the receiver may apply to the superior court havingjurisdiction over the receivership proceedings for the entry of an orderdetermining the various classes, if more than one, of creditors andstockholders and calling a meeting of the creditors, or classes of creditorsand stockholders, or classes of stockholders, or separate meetings of thecreditors or classes of creditors and stockholders or classes of stockholders.