South Carolina Code 40-79-300. Bankruptcy of licensee; dissolution of business
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(A) A licensee who, voluntarily or involuntarily, is subjected to any provision of the laws of bankruptcy, shall notify the board within fifteen days and provide any and all pertinent information as the board may require.
(B) Where a licensee’s business is dissolved, for whatever reason, that license must be canceled.
Terms Used In South Carolina Code 40-79-300
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Board: means the South Carolina Contractor's Licensing Board. See South Carolina Code 40-79-20
- Licensee: means an alarm business that has been issued a license by the board pursuant to this chapter. See South Carolina Code 40-79-20