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The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 145 : SUPERVISION, REHABILITATION, AND LIQUIDATION OF INSURERS

Subchapter 003 : FORMAL PROCEEDINGS

(Cite as: 8 V.S.A. § 7085)
  • § 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.)