The court may appoint a temporary non-liquidating receiver on the request of the owner if: (1) As of the date of an emergency declaration, the owner was not insolvent; (2) As of the date of an emergency declaration, the owner was generally paying its debts as those debts became due; (3) As of the date of an emergency declaration, the owner was not in material default of its obligations to a secured party; and (4) Either: (i) Because of the events giving rise to the emergency, the owner’s gross revenue has declined by more than twenty percent (20%), in a sixty (60) day period beginning on or after the date of an emergency declaration, as compared to the same period of the previous year; or (ii) Because of action by a governmental unit exercising its police or regulatory power to mitigate or otherwise address the emergency, the owner suspended or ceased a substantial part of its business operations.
‹ Prev All Rhode Island sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.