|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch.3
|
|
2007 Laws of Maryland
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(II) ALLOWS THE PROVIDER TO RESUME POSSESSION OF ITS
PROPERTY AND THE CONDUCT OF ITS BUSINESS.
(2) AN ORDER UNDER THIS SUBSECTION MAY NOT BE ISSUED UNLESS,
AFTER A HEARING, THE COURT DETERMINES THAT THE PURPOSES OF THE
REHABILITATION PROCEEDING HAVE BEEN FULLY ACCOMPLISHED.
(C) ORDER TO LIQUIDATE.
(1) AN ORDER TO LIQUIDATE THE BUSINESS OF A PROVIDER SHALL
DIRECT THE SECRETARY PROMPTLY TO:
(I) TAKE POSSESSION OF THE PROPERTY OF THE PROVIDER;
(II) LIQUIDATE THE BUSINESS OF THE PROVIDER;
(III) DEAL WITH THE PROPERTY AND BUSINESS OF THE PROVIDER
IN THE NAME OF THE SECRETARY OR IN THE NAME OF THE PROVIDER, AS THE
COURT DIRECTS; AND
(IV) NOTIFY EACH CREDITOR THAT MAY HAVE A CLAIM AGAINST
THE PROVIDER TO PRESENT THE CREDITOR'S CLAIM.
(2) THE SECRETARY MAY APPLY FOR, AND THE COURT MAY ISSUE, AN
ORDER TO DISSOLVE THE CORPORATE EXISTENCE OF A PROVIDER:
(I) ON APPLICATION OF THE SECRETARY FOR AN ORDER TO
LIQUIDATE THE PROVIDER; OR
(II) AT ANY TIME AFTER THE COURT HAS GRANTED THE ORDER OF
LIQUIDATION.
(D) ORDER TO CONSERVE ASSETS.
AN ORDER TO CONSERVE THE ASSETS OF A PROVIDER SHALL REQUIRE THE
SECRETARY PROMPTLY TO TAKE POSSESSION OF AND CONSERVE THE PROPERTY OF
THE PROVIDER IN THE STATE, SUBJECT TO FURTHER DIRECTION BY THE COURT.
REVISOR'S NOTE: This section formerly was Art. 70B, § 20H.
The only changes are in style.
Defined terms: "Creditor" § 10-472
"Provider" § 10-401
"Secretary" § 10-101
10-481. APPOINTED RECEIVERS.
(A) "APPOINTED RECEIVER" DEFINED.
IN THIS SECTION, "APPOINTED RECEIVER" MEANS A PERSON, OTHER THAN THE
SECRETARY, THAT THE COURT APPOINTS AS A CONSERVATOR, REHABILITATOR, OR
RECEIVER UNDER THIS SECTION.
(B) IN GENERAL.
|
|
|
|
|
|
|
|
|
|
- 512 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
