Ill. Admin. Code tit. 35, § 721.248 - Incapacity of Owners or Operators, Guarantors, or Financial Institutions
a) An owner or
operator must notify the Agency by certified mail of the commencement of a
voluntary or involuntary proceeding pursuant to Title 11 of the United States
Code (Bankruptcy) that names the owner or operator as debtor, within 10 days
after commencement of the proceeding. A guarantor of a corporate guarantee
undertaken to satisfy the requirements of Section
721.243(e)
must make such a notification if it is named as debtor, as required under the
terms of the corporate guarantee.
b) An owner or operator that satisfies the
requirements of Section
721.243
or
721.247 by
obtaining a trust fund, surety bond, letter of credit, or insurance policy will
be deemed to be without the required financial assurance or liability coverage
in the event of bankruptcy of the trustee or issuing institution, or in the
event of a suspension or revocation of the authority of the trustee institution
to act as trustee or of the institution issuing the surety bond, letter of
credit, or insurance policy to issue such instruments. The owner or operator
must establish other financial assurance or liability coverage within 60 days
after such an event.
Notes
Added at 34 Ill. Reg. 18611, effective November 12, 2010
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