Queensway Financial Holdings Ltd. will be seeking an order of the Ontario Superior Court of Justice on Friday, May 18 for the appointment of an interim receiver over the assets of Queensway.

The interim receivership is being sought in order to complete the previously announced transactions of sale involving all of Queensway’s active insurance subsidiaries in Canada and in the United States.

Queensway said the receivership application will only affect Queensway, the holding company, and Queensway Holdings, Inc., an intermediary holding company. It will not affect the operations of any of the insurance subsidiaries, which are regulated by various state and provincial regulators.

The company said the insurance subsidiaries continue to operate in the normal course with their Boards of Directors and management teams in place. Queensway and its advisors have been working closely, and will continue to work closely, with regulators and the buyers of all of the insurance subsidiaries to ensure a smooth transition of the assets being sold.

Following the closing of the transactions of sale, the Ontario Superior Court of Justice is expected to direct Queensway to sell and monetize any remaining assets for the benefit of creditors.