R.I. Gen. Laws § 10-21-6.1
Appointment of temporary non-liquidating receiver
Redline — August 1, 2022 → current.View current text →
Current — November 1, 2022
As of August 1, 2022
The court may appoint a temporary non-liquidating receiver on the request of the owner if:
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;
(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 the owner’s debts as those debts became due;
(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 the owner’s obligations to a secured party; and
(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: 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- day (60) period beginning on or after the date of an emergency declaration, as compared to the same period of the previous year; or
(4) Either: 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
(5) 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 the owner’s business operations.
(5) 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.
Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.