Del. Court: Corporations Not Amenable to Asbestos Suits Brought 10 Years After Dissolution

WILMINGTON, Del. –– A Delaware court has denied efforts by asbestos plaintiffs to have a court appoint a receiver for a dissolved insulation manufacturer, opining that the defendant is not amenable to service since it filed for dissolution more than 10 years ago.

In the Feb. 4 ruling, the Delaware Court of Chancery concluded that insurance policies held by Krafft-Murphy Co. Inc. were not assets since the company could not be held liable to a third party.

The underlying dispute involves asbestos claims asserted against Krafft-Murphy Co. Inc., which manufactured plaster and spray insulation. Krafft-Murphy stopped its operations in …