1. (1) As of the date of an emergency declaration, the owner was not insolvent;
2. (2) As of the date of an emergency declaration, the owner was generally paying its debts as those debts became due;
3. (3) As of the date of an emergency declaration, the owner was not in material default of its obligations to a secured party; and

4. (4) Either:

   1. (i) Because of the events giving rise to the emergency, the owner’s gross revenue has declined by more than twenty percent (20%), in a sixty (60) day period beginning on or after the date of an emergency declaration, as compared to the same period of the previous year; or
   2. (ii) Because of action by a governmental unit exercising its police or regulatory power to mitigate or otherwise address the emergency, the owner suspended or ceased a substantial part of its business operations.

The court may appoint a temporary non-liquidating receiver on the request of the owner if:

History of Section.
P.L. 2022, ch. 107, § 1, effective June 20, 2022; P.L. 2022, ch. 108, § 1, effective June 20, 2022.