§ 38.2-4907. Financial instability
The Commission may act as authorized by § 38.2-4915 to protect residents or prospective residents when the Commission determines that:
1. A provider has been or will be unable to meet the pro forma income or cash flow projections previously filed by the provider and such failure may endanger the ability of the provider to perform fully its obligation pursuant to its continuing care contracts; or
2. A provider is bankrupt, insolvent, under reorganization pursuant to federal bankruptcy laws or in imminent danger of becoming bankrupt or insolvent.
(1985, c. 554, § 38.1-962; 1986, c. 562.)
Sections: Previous 38.2-4901 38.2-4902 38.2-4903 38.2-4904 38.2-4904.1 38.2-4905 38.2-4906 38.2-4907 38.2-4908 38.2-4909 38.2-4910 38.2-4911 38.2-4912 38.2-4913 38.2-4914 NextLast modified: April 16, 2009