Indianapolis home builder Hansen & Horn to be liquidated

INDIANAPOLIS (WISH) - Indianapolis homebuilder Hansen & Horn is insolvent and will be liquidated.

Since November, 24-Hour News 8 has documented the dozens of complaints and lawsuits filed against Hansen & Horn. Wednesday's decision puts an end to the company but it may not be a happy ending for those who are still owed thousands of dollars.

Founded in 1977, Hansen & Horn had been one of the leading Indianapolis-area homebuilders. But over the past couple of years, it has left a string of unpaid subcontractors and clients with unfinished homes.

Wednesday, Judge Heather Welch officially put an end to Hansen & Horn. In her ruling, the judge cited the company's $14.5 million in liabilities against just $7 million in assets, saying, "The court hereby orders that H&H Group and H&H Inc. shall be completely liquidated by the receiver."

Banks holding mortgages on some of the Hansen & Horn property had asked the judge to let them take control of that property.

But she ruled against the banks, saying, "The receiver accept purchase offers to sell the real estate and to sell such real estate free and clear of all liens...."

Objections to the sale price of the real estate however can be filed by the banks.

Those who are owed money have until April to file a claim with the court.

But with so few assets compared to its liabilities, it's likely claimants will get pennies on the dollar, if anything at all.

Ward Horn's attorney did not return a call from 24-Hour News 8 Wednesday.

While the ruling puts an end to Hansen & Horn, it does not mean the end of possible problems for the owners of the company.

One of those who lost hundreds of thousands of dollars said they are having their lawyers pursue potential criminal charges.