Request for Approval of a Plan of Liquidation Pursuant to a Voluntary Liquidation of a Financial Institution or Credit Union Under R. I. Gen. Laws Title 19, Chapter 10 - Rhode Island

Request for Approval of a Plan of Liquidation Pursuant to a Voluntary Liquidation of a Financial Institution or Credit Union Under R. I. Gen. Laws Title 19, Chapter 10 is a legal document that was released by the Rhode Island Department of Business Regulation - a government authority operating within Rhode Island.

FAQ

Q: What is a plan of liquidation?A: A plan of liquidation is a detailed strategy for winding up the affairs of a financial institution or credit union.

Q: What is a voluntary liquidation?A: Voluntary liquidation refers to the decision made by the financial institution or credit union to wind up its operations and dissolve.

Q: What is R. I. Gen. Laws Title 19, Chapter 10?A: R. I. Gen. Laws Title 19, Chapter 10 is the specific Rhode Island state law that governs the liquidation of financial institutions and credit unions.

Q: Who needs to approve the plan of liquidation?A: The plan of liquidation needs to be approved by the relevant authorities or regulatory bodies overseeing the financial institution or credit union.

Q: What does the plan of liquidation include?A: The plan of liquidation includes details on how the financial institution or credit union will distribute its assets, settle debts, and wind up its operations.

Q: What is the purpose of a plan of liquidation?A: The purpose of a plan of liquidation is to ensure an orderly and efficient process for closing down a financial institution or credit union while protecting the interests of its stakeholders.