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P0206 A restraining order issued in the liquidation of an insurance company and holding that ownership of all the company's assets including its rights of action were vested in the Insurance Commissioner was a finding that only the Insurance Commissioner had the right to sue on behalf of the insurance company and precluded derivative suits by company shareholders based on the claim that negligent mismanagement by company officers caused its demise.
AVIKIAN v WTC FINANCIAL (Liquidation Order) 98 CA4 1108 [See: Jones v Ahmanson 1 C3 93; PacLink v Superior Court 90 CA4 958, T/AT 8/01]
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