(a) The department may apply to the superior court for the appointment of a receiver for a licensee, if the department determines that the licensee should be liquidated because
(1) the licensee is insolvent;
(2) the licensee has suspended payment of the licensee's obligations, has made an assignment for the benefit of the licensee's creditors, or has admitted in writing the licensee's inability to pay the licensee's debts as the debts become due;
(3) the licensee has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under a bankruptcy, reorganization, insolvency, or moratorium law;
(4) a person has applied for the relief described under (3) of this subsection against a licensee and the licensee has by an affirmative act approved of or consented to the action or the relief has been granted; or
(5) the licensee is in a condition that makes it unsafe or unsound for the licensee to transact business.
(b) If a receiver is appointed under (a) of this section, the receiver shall liquidate the property and business of the licensee.
Section: Previous 10.13.700 10.13.710 10.13.720 10.13.730 10.13.740 10.13.750 10.13.760 10.13.770 10.13.780 10.13.790 10.13.800 10.13.810 10.13.820 10.13.830 NextLast modified: November 15, 2016