|(a) An owner or operator must notify the executive director
by certified mail of the commencement of a voluntary or involuntary proceeding
under Title 11 (Bankruptcy), United States Code, naming the owner or operator
as debtor, within ten business days after the commencement of the proceeding.
As required under the terms of the guarantee, a guarantor of a corporate guarantee
as specified in §37.261 of this title (relating to Corporate Guarantee)
and a corporate guarantee as specified in §37.551 of this title (relating
to Corporate Guarantee for Liability) shall make such a notification if named
as a debtor.
(b) An owner or operator who fulfills the requirements of this
chapter shall be deemed to be without the required financial assurance coverage
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 surety bond, irrevocable standby letter
of credit, or insurance policy to issue such mechanisms. The owner or operator
must establish other acceptable financial assurance within 60 days after such