38.2-4907 - Financial instability. - Virginia Statutes

§ 38.2-4907. Financial instability.

The Commission may act as authorized by § 38.2-4915 to protect residents orprospective residents when the Commission determines that:

1. A provider has been or will be unable to meet the pro forma income or cashflow projections previously filed by the provider and such failure mayendanger the ability of the provider to perform fully its obligation pursuantto its continuing care contracts; or

2. A provider is bankrupt, insolvent, under reorganization pursuant tofederal bankruptcy laws or in imminent danger of becoming bankrupt orinsolvent.

(1985, c. 554, § 38.1-962; 1986, c. 562.)