Conservatorship


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Conservatorship

An entity either set up by the government or by court order that takes control of an organization that is unable to function on its own (due to legal or financial distress). See: Conservator
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Funa said the companies were ordered to cease from issuing new and renewing any kind or character of insurance business and were placed under conservatorship after the IC's verification that they failed to comply with mandated increase in net worth requirement of P550 million.
The companies placed under conservatorship were First Integrated Bonding and Insurance Co.
Upon review, Director McPharlin determined conservatorship of the Ukrainian Future Credit Union was necessary to protect the public interest.
In a prepared statement, Michigan's DIFS Director Patrick McPharlin determined conservatorship of the Ukrainian Future CU was "necessary to protect the public interest," but he did not specifically say why the cooperative was placed into conservatorship.
Accordingly, we have no recourse but to enforce prompt corrective action by placing BFPMBAI under conservatorship in order to protect the interests of its members and/or creditors," he said.
Otherwise, [the IC] will issue a cease and desist order and place the company under conservatorship,' Funa told Dominguez.
Establishing a corporate conservatorship is seen a part of the authorities' efforts to restore confidence in a corporate or sector, bolster its capacity to realise its aspirations but also mitigate any perceived systemic risk that has contributed directly to unusual or adverse market conditions.
Since the start of conservatorship, 605,000 such foreclosure-prevention steps have been tallied.
KTB, Bulgariaas fourth-largest lender, has been closed since June 20, when a bank run caused BNB to place the bank under conservatorship.
However, once the conservatorship ended, Bynes again started showing the traits of her erratic behaviour as she was caught DUI and also charged of shoplifting.
But there are ways to deal with a potential conservatorship that may mitigate the difficulties of one, or can even help clients avoid them altogether.
A source revealed: "The contract clearly states if Britney's conservatorship ends, Caesars Entertainment has the right to cancel the deal.