What is the close now-hear later doctrine?

The law does not contemplate prior notice and hearing before the bank may be directed to stop operations and placed under receivership. The purpose is to prevent unwarranted dissipation of the bank’s assets and as a valid exercise of police power to protect the depositors, creditors, stockholders and the general public. (Central Bank of the Philippines v. CA, G.R. No. 76118 Mar. 30, 1993)