§ 58-89A-85. Supervision; rehabilitation; liquidation. - North Carolina Statutes

§ 58‑89A‑85. Supervision; rehabilitation; liquidation.

If at any time theCommissioner determines, after notice and an opportunity for the licensee to beheard, that a licensee (i) has been or will be unable, in such a manner as mayendanger the ability of the licensee, to fully perform its obligations pursuantto this Article or (ii) is bankrupt or in a hazardous financial condition, theCommissioner may either (i) commence a supervision proceeding pursuant toArticle 30 of this Chapter or (ii) apply to the Superior Court of Wake Countyor to the federal bankruptcy court that has previously taken jurisdiction overthe licensee, if applicable, for an order directing the Commissioner orauthorizing the Commissioner to rehabilitate or to liquidate a licensee inaccordance with Article 30 of this Chapter. (2004‑162, s. 1.)