Vt. Stat. Ann. tit. 8, § 19301

If the Commissioner ascertains that a Vermont financial institution is insolvent or that it is unsafe for it to continue to transact business, the Commissioner shall apply to the Superior Court of Washington County for the appointment of a receiver unless, in case of a mutual or cooperative financial institution, the Commissioner deems it advisable to join with the governing body in a petition to divide the losses among the depositors as provided in this subchapter.