If the commission, after notice and hearing, determines that a utility subject to the regulations of the commission has wilfully failed to provide adequate and sufficient service for an unreasonable length of time and that it is likely to continue such failure to the detriment of the public served by the utility, or if the commission shall determine after notice and hearing, that adequate and sufficient service is not being provided by such utility and that such utility is unable to provide such service for any reason, the Office of Regulatory Staff shall have the right to petition the court of common pleas for the county wherein the utility shall have its principal office or place of business for the appointment of a receiver to assume possession of the facilities and system and to operate such utility upon such terms and conditions as the court shall prescribe. The court shall require as a condition to the appointment of such receiver that a sufficient bond be given by the receiver and conditioned upon his compliance with the orders of the court and the protection of all property rights involved. The court shall have the right to provide for disposition of the facilities and system in like manner as any other receivership proceeding in this State.