BANKRUPTCY MAY VOID BAIL BONDS.Byline: Troy Anderson Staff Writer About 3,000 people out of custody on bail with bonds from two Calabasas companies could be issued arrest warrants because of the bond companies' recent bankruptcy, court officials said Thursday. Judge Dan T. Oki, supervising judge of the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Superior Court Criminal Division, said the court is preparing a list of cases in which bail bonds A written promise signed by a defendant or a surety (one who promises to act in place of another) to pay an amount fixed by a court should the defendant named in the document fail to appear in court for the designated criminal proceeding at the date and time specified. were issued by Nebraska-based Far West Insurance and Amwest Insurance, both doing businesses locally. As of Sunday, bonds issued by these two companies may be insufficient to ensure the appearance of the defendants because the companies will become the subject of an order of liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy and declaration of insolvency insolvency Condition in which liabilities exceed assets so that creditors cannot be paid. It is a financial condition that often precedes bankruptcy. In the context of equity, insolvency is the inability to pay debts as they become due; insolvency under the balance-sheet , court officials said. Oki said the defendants are subject to possible arrest warrants based solely on the liquidation of the two bail bond companies, and not as a result of any failure on their part to meet their responsibilities in the cases against them. Oki is directing trial courts to review the files of the affected cases to determine the need to issue an arrest warrant. Prosecutors and defense counsel have been asked to bring to the court's attention any cases involving unusual circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . |
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