House Journal: Page 1363: Monday, April 23, 2001
6 deems proper, the court may make the declaration.
7 d. An order issued under this section shall
8 require accounting to the court by the liquidator.
9 Accountings, at a minimum, must include all funds
10 received or disbursed by the liquidator during the
11 current period. An accounting shall be filed within
12 one year of the liquidation order and at such other
13 times as the court may require.
14 e. Within five days after the initiation of an
15 appeal of an order of liquidation, which order has not
16 been stayed, the commissioner shall present for the
17 court's approval a plan for the continued performance
18 of the establishment's obligations during the pendency
19 of an appeal. The plan shall provide for the
20 continued performance of purchase agreements in the
21 normal course of events, notwithstanding the grounds
22 alleged in support of the order of liquidation
23 including the ground of insolvency. If the defendant
24 establishment's financial condition, in the judgment
25 of the commissioner, will not support the full
26 performance of all obligations during the appeal
27 pendency period, the plan may prefer the claims of
28 certain purchasers and claimants over creditors and
29 interested parties as well as other purchasers and
30 claimants, as the commissioner finds to be fair and
31 equitable considering the relative circumstances of
32 such purchasers and claimants. The court shall
33 examine the plan submitted by the commissioner and if
34 it finds the plan to be in the best interests of the
35 parties, the court shall approve the plan. An action
36 shall not lie against the commissioner or any of the
37 commissioner's deputies, agents, clerks, assistants,
38 or attorneys by any party based on preference in an
39 appeal pendency plan approved by the court.
40 3. POWERS OF LIQUIDATOR.
41 a. The liquidator may do any of the following:
42 (1) Appoint a special deputy to act for the
43 liquidator under this chapter, and determine the
44 special deputy's reasonable compensation. The special
45 deputy shall have all the powers of the liquidator
46 granted by this section. The special deputy shall
47 serve at the pleasure of the liquidator.
48 (2) Hire employees and agents, legal counsel,
49 accountants, appraisers, consultants, and other
50 personnel as the commissioner may deem necessary to
Page 43
1 assist in the liquidation.
2 (3) With the approval of the court, fix reasonable
3 compensation of employees and agents, legal counsel,
4 accountants, appraisers, and consultants.
© 2001 Cornell College and
League of Women Voters of Iowa
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