(a)

1. (1) In the event that a licensee files any petition with the bankruptcy court for relief as a debtor or has such a petition filed against it, or a receiver is appointed for such licensed business or an assignment of such business is made for the benefit of creditors, the licensee, trustee, receiver, or assignee, as the case may be, shall immediately notify the Arkansas Racing Commission of such fact in writing.
2. (2) Such written notice shall have attached a copy of the petition filed with the court, and any relevant court orders such as orders appointing trustees, receivers, or assignees.

(b)

1. (1) No licensed establishment shall be operated by any trustee, receiver, or assignee for the benefit of creditors until such operation has been authorized by the commission.
2. (2) In an emergency situation, any three (3) members of the commission may authorize the continuation of such operation pending action by the commission.

(c)

1. (1) Any such trustee, receiver, or assignee desiring to continue operation of the licensed establishment shall immediately make application for permission to do so.
2. (2) Application shall be made in the same manner as an application for an initial license, but the operation, if approved, shall be deemed to continue under the existing license of the establishment.