MORNBFI Vol. 1 - Planters Development Bank

APP. Q-5611.31.12G. Termination of ReceivershipUnless otherwise provided by competentcourt, the receiver shall determine withinninety (90) days from takeover, whetherthe institution may be rehabilitated orliquidated. The said determination torehabilitate or liquidate the institutionshall be subject to prior approval of theMB. The receivership may be terminatedeither upon receipt of the order of the MBauthorizing the institution to resume itsoperation or order placing it underliquidation.Upon termination of the receivership,the receiver shall -1. Submit a report to the MB containingthe following:a) MB resolution placing the institutionunder receivership;b) Summary of total cash realized anddisbursed by the receiver;c) Comparative balance sheetstatements as of takeover date and as oftermination date of the receivership;d) Other information which should bebrought to the attention of the MB;e) Recommendation for the dischargeof the receivership team from thereceivership duties.2. Prepare an inventory of assets,liabilities and records to be turned over tothe new management (if the entity is to berehabilitated) or to the liquidator (if the entityis to be liquidated).Appendix Q-56 - Page 14Manual of Regulations for Non-Banks Financial Institutions