LAC 33:VII.1307. Incapacity of Permit Holders, Applicants, or Financial Institutions

A. A permit holder or applicant shall notify the Office of Environmental Services by certified mail of the commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), U.S. Code, naming the permit holder or applicant as debtor, within 10 days after commencement of the proceeding. A guarantor of a corporate guarantee as specified in LAC 33:VII.1303.H.9 shall make such a notification if he is named as debtor, as required under the terms of the corporate guarantee (see LAC 33:VII.1399.Appendix J). B. A permit holder or applicant who fulfills the requirements of LAC 33:VII.1303 or 1305 by obtaining a trust fund, financial guarantee bond, performance bond, letter of credit, or insurance policy will be deemed to be without the required financial assurance in the event of bankruptcy of the trustee or issuing institution, or a suspension or revocation of the authority of the trustee institution to act as trustee or of the institution issuing the financial guarantee bond, performance bond, letter of credit, or insurance policy to issue such instruments. The permit holder or applicant shall establish other financial assurance within 60 days after such an event.