Fidelity Assur. Assn. v. Sims
Annotate this Case
318 U.S. 608 (1943)
- Syllabus |
U.S. Supreme Court
Fidelity Assur. Assn. v. Sims, 318 U.S. 608 (1943)
Fidelity Assurance Association v. Sims
Argued February 9, 10, 1943
Decided April 5, 1943
318 U.S. 608
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
plan of reorganization under Chapter X of the Bankruptcy Act.