In what circumstances will an insurer be able to obtain judgment on a plaintiff's assets as the insured company is going bankrupt?
Ontario, Canada
The following excerpt is from Thompson v. ING Halifax, 2005 CanLII 26605 (ON SC):
In the case of Brown v. Royal Insurance Co. of Canada [1994] O.J. No. 1529 the facts were similar to the instant case in that the insured showed a complete disinterest in the litigation as the insured company, Grand Italian, was going bankrupt. Upon seizure of the assets after judgment the plaintiff suffered a shortfall and advised the insurer that it was going to proceed pursuant to s. 132 of the Act to obtain judgment for the balance.
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