Code of Virginia § 38.2-4925. Financial instability.
102 words·~1 min read·
/va/title-38-2/chapter-49/38-2-4925A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Commission may act as authorized by § 38.2-4931 to protect residents, prospective residents, participants, or prospective participants 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 community-based 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.
2012, cc. 208 , 303 .