(1) Within a period of 60 days counting from the date of the appointment of the receiver, the Minister shall be obliged to commence proceedings leading to—
(a) compulsory liquidation in accordance with section 32; or
(b) reorganisation, in accordance with section 37,
of a licensee for which the Minister has appointed a receiver.
(2) If the receiver was appointed under section 28(e) and the Minister determines that the reasons the revocation no longer exists, the Minister may terminate the appointment of the receiver.