Garamendi

Paradise Investments, Inc., International Central Bank and Trust Corporation (trustee for the benefit of James A. Rowland), Wanda King, Floyd A. Hollingshead and Norma R. Hollingshead (collectively, the secured creditors) appeal the denial of their motion for relief from the blanket stay order issued in the liquidation proceedings of Glacier General Insurance Company (Glacier), contending the trial court abused its discretion. We reverse.

In 1985, the trial court ordered the Insurance Commissioner of the State of California (the Commissioner) to liquidate Glacier. It also “enjoined” all persons “from instituting or prosecuting any action [or] proceedings,” or making “any levy” against Glacier. The dispute we consider here arose in 1990, when the secured creditors filed a motion seeking permission to *1552 foreclose on a first trust deed on property owned by Glacier (the Rockridge property).

In support of the motion, one of their attorneys submitted a declaration averring the secured creditors were the beneficiaries of the first trust deed in the face amount of $125,000, the appraised value of the property was $320,000 to $330,000, delinquent taxes of $35,000 were…