(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

Terms Used In Alaska Statutes 10.13.820

  • action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • writing: includes printing. See Alaska Statutes 01.10.060
(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.
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