As a creditor or co-owner of a failing and mismanaged business, you are probably watching your investment or secured collateral disappear. What can you do to preserve value in your investment?
Receiverships are powerful tools for co-owners or creditors of failing businesses. A court-ordered receivership allows one to remove present management and install an independent manager to direct the day-to-day operations of the business, sell assets for the benefit of creditors, or wind-up the company's affairs when there is a dispute among the shareholders. In the case of an ongoing business, a court-appointed receiver can act to turn the company around, preserving the assets and long-term viability of the business.
Originally published in Northern Nevada Business Weekley on August 25th, 2013.
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