Illinois Compiled Statutes 815 ILCS 390/16.5 – Licensee bankruptcy
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In the event of a licensee’s bankruptcy, insolvency, or assignment for the benefit of creditors, or in the event of the bankruptcy, insolvency, or assignment for the benefit of creditors of any person, partnership, association, corporation, or other entity that possesses a controlling interest in a licensee, the licensee shall provide notice in writing of that event to each purchaser of a pre-need sales contract or a pre-need contract within 30 days after the event of bankruptcy, insolvency, or assignment for the benefit of creditors. At a minimum, the notice must contain the following:
(1) The name and address of the licensee.
(2) If different from the licensee, the name and
(1) The name and address of the licensee.
Terms Used In Illinois Compiled Statutes 815 ILCS 390/16.5
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(2) If different from the licensee, the name and
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address of the party that is the subject of the bankruptcy, insolvency, or assignment for the benefit of creditors.
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(3) A brief description of the event of bankruptcy,
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insolvency, or assignment for the benefit of creditors.
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(4) The case name or other identifying title of any
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matter pending in any court, federal or State, pertaining to the bankruptcy, insolvency, or assignment for the benefit of creditors.
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(5) The name and address of the court in which the
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bankruptcy, insolvency, or assignment for the benefit of creditors is pending.
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(6) A description of any action the purchaser must
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undertake to file a claim or to protect the purchaser’s interests, including the purchaser’s right to a refund under this Act.
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