NEW YORK - The state Banking Department has mailed claims notices to all potential creditors of Nationar, the failed check-clearing company seized by the state Feb. 6 after a liquidity crisis.
Superintendent of Banks Neil D. Levin has set Aug. 10 as the deadline for submitting claims against Nationar, according to a press release.
Any remaining contracts involving Nationar, including leases, will automatically be repudiated after July 10 unless the state assumes them or unless they were assigned by the company or the state or involve subcontracting services.
Parties to contracts that haven't been repudiated must still file a claim by Aug. 10 to preserve their right to a claim relating to these contracts.
Bankruptcy Services Inc. has been retained to help process and reconcile claims.
Creditors should see their own counsel for legal questions, but may call 212-922-1799 for technical questions on completing the forms.