Section 258.07 - Bankruptcy(a) Notwithstanding 205 CMR 258.01(1), if cessation is caused in part, or in whole, by the filing of a petition in bankruptcy court or the appointment of a receiver or conservator, the Sports Wagering Operator shall as soon as practicable notify the Commission in writing of the petition or the appointment of a receiver or conservator. The Sports Wagering Operator's notification shall include a copy of the petition filed in bankruptcy court, the order appointing a receiver or conservator, or any other applicable filing or order. In the event that a court of competent jurisdiction appoints a receiver or conservator, the receiver or conservator shall immediately apply for the necessary qualifications and licenses, including without limitation qualification pursuant to 205 CMR 215.00: Applicant and Qualifier Suitability Determination, Standards, and Procedures and licensure pursuant to 205 CMR 235.00: Sports Wagering Occupational Licenses, to operate the Sports Wagering Operator's Sports Wagering Area, Sports Wagering Facility, or Sports Wagering Platform. The receiver or conservator shall not commence operating the Sports Wagering Operator's Sports Wagering Area, Sports Wagering Facility, or Sports Wagering Platform until the Commission has issued a license authorizing the same. The Commission may revoke the receiver's or conservator's license at any time at its discretion without the necessity of revocation or suspension hearing.
(b) The appointment of a receiver or conservator by a court of competent jurisdiction and subsequent authorization of the same receiver or conservator pursuant to 205 CMR 258.08(2) shall not bar the Commission from appointing an additional receiver or conservator pursuant to 205 CMR 258.02.(c) A Sports Wagering Operator subject to cessation based on the filing of a petition in bankruptcy court or the appointment of a receiver or conservator shall not be required to meet the requirements of 205 CMR 258.03 through 258.07 to the extent such requirements are inconsistent with the orders of the court.(d) Upon notification of cessation based in part, or in whole, by the filing of a petition in bankruptcy court or the appointment of a receiver or conservator, the Sports Wagering Operator shall provide the Commission or the conservator or receiver appointed pursuant to 205 CMR 258.02(1) adequate means to access and use the letter of credit or other financial assurance issued pursuant to 205 CMR 238.12(6).Adopted by Mass Register Issue 1508, eff. 10/25/2023 (EMERGENCY).Amended by Mass Register Issue 1512, eff. 10/25/2023 (COMPLIANCE).