About Liquidation AvaHealth, Inc d/b/a Key Insurance Plan
The liquidation portion of Chapter 631, Part I, Florida Statutes provides specific provisions for all aspects of the liquidation process:
As the Receiver, the Department of Financial Services is responsible for taking possession of the assets and administering them under order of the Leon County Circuit Court. A receivership proceeding can only be filed by the Department and can only be filed in Leon County.
Liabilities become fixed as of the date of liquidation.
Some powers of the Department of Financial Services, as Receiver in a liquidation, include the following. The Receiver may:
Employ staff or hire agents and counsel and fix compensation of those employed.
Conduct investigations into the causes of the insolvency.
Commence litigation to recover any funds diverted from the insurer by any officers, directors or employees.
Commence litigation to recover damages for the good of the insurer's policyholders and other creditors.
Collect all debts and money due.
Conduct public and private sales.
Use assets to transfer policy obligations.
Acquire, hypothecate, encumber, lease, improve, sell, transfer, abandon or otherwise dispose of assets.
Notify the insurer's agents so they can advise insureds of the policy cancellation, replace coverage and collect any premium and unearned commissions that may be due the insurer.
Contract and affirm or disavow existing contracts.
Prosecute causes of action.
Take possession of records.
Deposit and invest assets.
Assert defenses available to insurer.
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