House Journal: Page 1378: Monday, April 23, 2001
Page 57
1 year before the filing of the petition for
2 liquidation. Officers and directors are not entitled
3 to the benefit of this priority. The priority is in
4 lieu of other similar priority which may be authorized
5 by law as to wages or compensation of employees.
6 c. CLASS 3. Claims under purchase agreements.
7 d. CLASS 4. Claims of general creditors.
8 e. CLASS 5. Claims of the federal or of any state
9 or local government. Claims, including those of a
10 governmental body for a penalty or forfeiture, are
11 allowed in this class only to the extent of the
12 pecuniary loss sustained from the act, transaction, or
13 proceeding out of which the penalty or forfeiture
14 arose, with reasonable and actual costs incurred. The
15 remainder of such claims shall be postponed to the
16 class of claims under paragraph "g".
17 f. CLASS 6. Claims filed late or any other claims
18 other than claims under paragraph "g".
19 g. CLASS 7. The claims of shareholders or other
20 owners.
21 19. LIQUIDATOR'S RECOMMENDATIONS TO THE COURT.
22 a. The liquidator shall review claims duly filed
23 in the liquidation and shall make further
24 investigation as necessary. The liquidator may
25 compound, compromise, or in any other manner negotiate
26 the amount for which claims will be recommended to the
27 court except where the liquidator is required by law
28 to accept claims as settled by a person or
29 organization. Unresolved disputes shall be determined
30 under subsection 15. As soon as practicable, the
31 liquidator shall present to the court a report of the
32 claims against the establishment with the liquidator's
33 recommendations. The report shall include the name
34 and address of each claimant and the amount of the
35 claim finally recommended.
36 b. The court may approve, disapprove, or modify
37 the report on claims by the liquidator. Reports not
38 modified by the court within sixty days following
39 submission by the liquidator shall be treated by the
40 liquidator as allowed claims, subject to later
41 modification or to rulings made by the court pursuant
42 to subsection 15. A claim under a policy of insurance
43 shall not be allowed for an amount in excess of the
44 applicable policy limits.
45 20. DISTRIBUTION OF ASSETS. Under the direction
46 of the court, the liquidator shall pay distributions
47 in a manner that will ensure the proper recognition of
48 priorities and a reasonable balance between the
49 expeditious completion of the liquidation and the
50 protection of unliquidated and undetermined claims,
© 2001 Cornell College and
League of Women Voters of Iowa
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