Maine § 10 §1495-I Insolvency and liquidation

Maine Statutes

§ 10 §1495-I — Insolvency and liquidation

Maine·Title 10 COMMERCE AND TRADE·Part 3 REGULATION OF TRADE·Ch. 222 PAYROLL PROCESSORS

1.Voluntary liquidation. A payroll processor who voluntarily ceases to do business in the State is subject to the following provisions.

2.Involuntary liquidation. A payroll processor who is no longer eligible to do business in this State is subject to the following provisions.

3.Judicial review. A payroll processor closed by action of the administrator pursuant to this chapter may bring an action challenging the administrator's appointment of receiver in Superior Court of Kennebec County or of the county in which the processor transacts business within 10 days after the administrator appoints a receiver. The court shall uphold the administrator's finding that a payroll processor is insolvent or that its condition is such as to render its further proceedings hazardous to the public or to

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1.
Voluntary liquidation.
A payroll processor who voluntarily ceases to do business in the State is subject to the following provisions.
2.
Involuntary liquidation.
A payroll processor who is no longer eligible to do business in this State is subject to the following provisions.
3.
Judicial review.
A payroll processor closed by action of the administrator pursuant to this chapter may bring an action challenging the administrator's appointment of receiver in Superior Court of Kennebec County or of the county in which the processor transacts business within 10 days after the administrator appoints a receiver. The court shall uphold the administrator's finding that a payroll processor is insolvent or that its condition is such as to render its further proceedings hazardous to the public or to those having funds in its custody and shall uphold the appointment of a receiver unless the court finds that the administrator's action was arbitrary and capricious.

Maine § 10 §1495-I (Insolvency and liquidation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.