2019 US Virgin Islands Code
Title 9 - Banking
Chapter 13 - Receivership and Liquidation
§ 151. Receivership of bank or foreign bank

(a) If, in consequence of an examination or report made by an examiner, or otherwise, the Banking Board should have reason to believe that a bank or foreign bank is not in sound financial condition to continue doing business, or that its affairs are being conducted in such a manner that the public or the persons or entities having securities or funds under its custody are in danger of being defrauded, or if any such bank shall violate its charter or any law relative thereto, or if it becomes insolvent, the Banking Board shall apply to the District Court for the appointment of a receiver to take charge of and wind up the affairs of such bank.

(b) If the court, after hearing all parties concerned, determines that the facts alleged by the Banking Board are supported by the evidence, it shall appoint a receiver. Upon his appointment the receiver shall, under the direction of the Banking Board, take possession of the assets and liabilities, books, records, papers and files of every description belonging to the bank, and collect all loans, fees, and claims of the bank, and see to the payment of its obligations and debts, and to the necessary expenses of receivership. He shall proceed to liquidate the affairs of the bank as soon as possible, and to this end may sell the personal and real property and other assets of the bank, but subject to the approval of the Banking Board. The receiver shall continue to perform his duties in the manner aforesaid until the bank or foreign bank is fully liquidated.