Q. Can I get money for my injury if the company I am suing goes out of business?
A. Yes, as long as there was an insurance policy on the date of your accident.
You were hurt in an accident and were seriously injured. You were lucky because your injury was caused by a company with a lot of insurance. But suddenly, the defendant company is out of business. Is this a problem? Can you still get money?
Yes, you can still get money. It is only important that the insurance policy was in force on the date of your accident. If the company went out of business later, it doesn’t matter.
In fact, things just got better for you! When a company is out of business, it is likely that the principles of the company no longer care about the lawsuit.
The employees and supervisors who may have been negligent and responsible for causing your injury, will probably not care and will likely tell the truth, refuse to testify or be unavailable to testify.
When the employee responsible for causing the accident doesn’t testify, there is no one to contradict your testimony about how the accident happened.
If the employee responsible for causing your accident doesn’t testify, you will likely be entitled to summary judgment on liability (a court ruling that the defendant is 100% responsible for causing your injury) which entitles you to 9% interest.
We represented a woman who injured her neck when she was knocked down by a forklift in a warehouse store.
After the accident, the store went out of business. The forklift operator was gone and, having no reason to cooperate, never testified at a deposition. We won summary judgment on liability which entitled our client to 9% interest. The insurance company offered $750,000 and two months later settled for its entire $1 million policy.
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Partner Phil Franckel, Esq. talks about difficult cases and the 1-800-HURT-911® Personal Injury Dream Team™