(1) The department may request that the attorney general petition a district court in the state, or a federal bankruptcy court that has exercised jurisdiction over a provider's facility, for an order that appoints a trustee to rehabilitate or liquidate the facility if: (a) the department determines that: (i) the provider is financially unsound or is unable to meet the income or available cash projections described in the provider's disclosure statement; and (ii) the provider's ability to fully perform the provider's obligations under a continuing care contract is endangered; or (b) the provider is bankrupt, insolvent, or has filed for protection from creditors under a federal or state reorganization, bankruptcy, or insolvency law.
(a) the department determines that: (i) the provider is financially unsound or is unable to meet the income or available cash projections described in the provider's disclosure statement; and (ii) the provider's ability to fully perform the provider's obligations under a continuing care contract is endangered; or
(i) the provider is financially unsound or is unable to meet the income or available cash projections described in the provider's disclosure statement; and
(ii) the provider's ability to fully perform the provider's obligations under a continuing care contract is endangered; or
(b) the provider is bankrupt, insolvent, or has filed for protection from creditors under a federal or state reorganization, bankruptcy, or insolvency law.
(2) A court that evaluates a petition filed under Subsection (1) regarding a provider: (a) shall evaluate the best interests of a person that has contracted with the provider; and (b) may require the proceeds of a lien imposed under Section 31A-44-601 to be used to pay an entrance fee to another facility on behalf of a resident of the provider's facility.
(a) shall evaluate the best interests of a person that has contracted with the provider; and
(b) may require the proceeds of a lien imposed under Section 31A-44-601 to be used to pay an entrance fee to another facility on behalf of a resident of the provider's facility.
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