Back of the Yards Neighborhood Council Risk Management Association, Inc.
Estate Closed
| Liquidation Date: | January 22, 2001 |
| Claim Filing Deadline: | January 22, 2002 |
| Contingent Claim Deadline: | January 22, 2003 |
| Estate Closed: | May 19, 2008 |
| Docket Number: | 99 CH 06024 |
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Receivership Orders |
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| Historical Data: | |
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The Association was organized in 1993, pursuant to the State of Illinois' Workers Compensation Act, for the purpose of administering a program of group self-insurance for workers' compensation loss exposures for selected members of the Back of the Yards Neighborhood Council, Inc. The Association was placed in conservation by a court order entered April 21, 1999. An Agreed Order of Rehabilitation was entered on December 20, 1999. An Agreed Order of Liquidation was entered January 22, 2001. The claim filing deadline for this company was January 22, 2002 with a contingent claim deadline of January 22, 2003. Contractual assessments have been issued by the Liquidator to all members of the Association in order to fund the Association's outstanding claim and policy obligations. Litigation has been required to collect the assessment from many of the Association's members. That litigation is proceeding in various Illinois State Courts. The State of Illinois has also issued statutory assessments against members of the Association if necessary. On November 30, 2005, the Liquidator's petition to make an interim dividend distribution to timely-filed and allowed priority level "d" claimants in the amount of 51.1507% was approved by the Supervising Court. On December 20, 2006, the Liquidator's petition to approve the distribution of a second and final dividend to the timely-filed and allowed priority level "d" claimants in the amount of 48.8493% of their claims was approved by the Supervising Court. Combined with the interim dividend in the amount of 51.1507% that was previously approved and distributed in November 2005, the priority level "d" claimants have received a 100% distribution on their claims. On December 20, 2006, the Liquidator's petition to approve the distribution of 100% dividends to the timely-filed and allowed priority level "e" and "g" claimants was also approved by the Supervising Court. On February 6, 2007, the Supervising Court entered an order setting a new claim filing deadline of June 29, 2007, in order to afford claimants who did not previously file claims, or who filed claims after the original claim filing deadline, an opportunity to file claims against the BYRMA estate for purposes of participating in any distribution of BYRMA's surplus of assets. On May 19, 2008, an order was entered by the Supervising Court approving the Liquidator’s plan to distribute a 46.019% dividend to all claimants whose claims were allowed at priority level “d” and which were presented on or before the second claim filing deadline of June 29, 2007. The Supervising Court also entered an order closing the estate and terminating the Liquidation proceedings. Last updated July 2009 |
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