Iowa National Mutual Insurance will be liquidated.

State regulators ordered the liquidation, saying efforts to sell the Cedar Rapids-based company failed because of debts of up to $60 million. “In view of the extent of the insolvency, it is apparent the company cannot be sold,” Iowa Insurance Commissioner Bruce Foudree said in a statement. “Further attempts at rehabilitation would only delay the liquidation that is inevitable.” The company, which had $130 million in policies in force at the end of last year, had written another $180 million in policies this year.