Team Financial Chapter 11 case dismissed; company OK'd to dissolve

By Kali Hays

New York, March 28 - Team Financial Inc.'s Chapter 11 case has been dismissed, and the company obtained court authorization to complete final distributions of assets, destroy all of its records and dissolve, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Kansas.

The company said that "all payments due to creditors under the terms of the settlement have been paid and cleared the debtor-in-possession account" and that its shortfall amount of $11,363 to pay certain expenses "will be worked out between Business Consultant, Inc. and Redmond & Nazar, LLP, with all other proposed payees to be paid in full," according to the motion.

The court also authorized the restructuring/liquidation officer "to take all necessary actions to dissolve the debtors" and ruled that "all conditions precedent to the dismissal of the bankruptcy proceedings have been satisfied," according to the order.

Team Financial, located in Paola, Kan., is the financial holding company for TeamBank, NA and Colorado National Bank. The company filed for bankruptcy April 13, 2009 under Chapter 11 case number 09-10925.

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