Sec. 10.13.820. Receivership.
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Sec. 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 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.