Fidelity Assur. Assn. v. Sims
318 U.S. 608 (1943)

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U.S. Supreme Court

Fidelity Assur. Assn. v. Sims, 318 U.S. 608 (1943)

Fidelity Assurance Association v. Sims

No. 319

Argued February 9, 10, 1943

Decided April 5, 1943

318 U.S. 608

Syllabus

1. In the light of the character and history of the business of the insolvent corporation in this case, held that its petition for reorganization under Chapter X of the Bankruptcy Act should have been dismissed as not filed in "good faith" within the meaning of § 146 (3), (4), since it was unreasonable to expect that the company could be reorganized as a going concern, and since the interests of creditors would be best subserved in prior proceedings pending in state courts. Pp. 318 U. S. 618-619.

2. Chapter X of the Bankruptcy Act may not be availed of merely for the purpose of liquidation. P. 318 U. S. 621.

129 F.2d 442 affirmed.

Certiorari, 317 U.S. 614, to review the reversal of an order of the District Court, 42 F.Supp. 973, approving a

Page 318 U. S. 609

plan of reorganization under Chapter X of the Bankruptcy Act.

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