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- Alaska Statutes.
- Title 10. Corporations and Associations
- Chapter 13. Alaska Bidco Act
- Section 820. Receivership.
previous: Section 810
. Taking Possession of Licensee.
next: Section 830
. Civil Penalty.
AS 10.13.820. Receivership.
- (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
- (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
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