Beleaguered home builder doesn’t appear to have funds available to pay an attorney to prepare
necessary paperwork for Chapter 7 liquidation, trustee says in court filing.
Salin Bank argues that it wants to "control its own destiny" by selling 49 lots the homebuilder defaulted on rather
than have court-appointed receiver coordinate the sale.
Indianapolis home builder Hansen & Horn Group Inc. has officially declared bankruptcy after owners agreed to liquidate the
company earlier this month.
A court-appointed receiver can begin selling the assets of troubled home builder Hansen & Horn Group Inc., after a judge approved
its liquidation on Wednesday.
The troubled home builder’s $14.5 million in liabilities are twice as much as its assets, receiver tells Marion County judge,
who takes the recommendation under advisement.
Two more local homebuilders fell victim in 2009 to the prolonged meltdown of the housing market. Carmel-based
C.P. Morgan Communities LP closed in February, and Indianapolis-based Hansen & Horn Group Inc. is teetering on the edge
of bankruptcy.
A receiver appointed to manage the assets of financially troubled Hansen & Horn Group Inc. will recommend whether the Indianapolis-based
home builder should remain in business.
The president of Hansen & Horn Group Inc. admitted in court Thursday that the troubled home builder is insolvent and agreed
to have a receiver appointed to operate the company.
A Marion County judge has frozen certain Hansen & Horn Group Inc. funds after the Indianapolis homebuilder failed to pay
a $183,000 legal judgment. The move sheds light on the severity
of the company’s woes.
