Court-Appointed Receivers

News & Analysis as of

7 things you should know about the new Missouri Commercial Receivership Act

On May 10, 2016, the Missouri General Assembly passed the Missouri Commercial Receivership Act (MCRA), providing for significant changes to Missouri’s law on receiverships. Assuming that Governor Nixon signs the bill (which...more

The Un-Bankruptcy: A Texas Receivership as an Alternative to Bankruptcy (and fourteen ways to appoint a receiver in The Lone Star...

Creditors seeking to exercise control over a borrower or collateral may utilize a number of remedies. They may seek a foreclosure or UCC sale, assignment for the benefit of creditors, file an involuntary bankruptcy petition...more

Ninth Circuit Finds No Reliance On Auditor’s Qualified Opinions

In 2009, the Securities and Exchange Commission sued Danny Pang and his two companies for allegedly defrauding investors of hundreds of millions of dollars by misrepresenting investments in the life insurance policies of...more

NCCUSL Approves Uniform Commercial Real Estate Receivership Act

The appointment of a receiver of real property is a common equitable judicial remedy available in all states. It is often sought by a foreclosing mortgagee or others who have, or claim, an interest in the real property....more

Freezing Injunctions In Support Of International Arbitration – The Role Of The English Courts

Arbitration is based on consent. An arbitral tribunal derives its powers from an agreement between the parties. Tribunals also take time to form and their orders are not binding upon third parties. Whilst this grants...more

Can The Defendant Set Aside A Sale Of Receivership Assets To A Buyer?

QUESTION: I purchased assets from a receiver. The court approved the sale over the objection of one of the defendants. The sale has now closed. I was just informed that the defendant is appealing the order approving the sale....more

Can A Receiver Be Appointed To Take Possession And Safeguard Transferred Property Pending Trial Of A Fraudulent Transfer Action?

QUESTION: I know receivers often bring actions to set aside fraudulent transfers and recover the property transferred, but can a receiver be appointed in a fraudulent transfer lawsuit to take possession of and safeguard...more

Court Of Chancery Upholds Receiver Claims

Seiden v. Kaneko, C.A. 9861-VCN (November 3, 2015) - This is an interesting decision because it articulates what claims a receiver may make against former officers and when those claims are barred by laches....more

Recent Case Offers Insight Into the Protection of Security Interests

The failure to perfect a security interest could result in losing property rights altogether despite being the unqualified owner of the property. A very recent example of this is the case of Wells Fargo Foothill Canada ULC v...more

Avoiding the Fire Sale: Protecting Your Security Interest Against Multiple Creditor Claims

The failure to perfect a security interest could result in losing property rights altogether in receivership proceedings despite being the owner of the property. A very recent example of this is the case of Wells Fargo...more

Is a “Receiver’s Sale” a Foreclosure Sale?

Earlier this year, the Nevada Supreme Court held in U.S. Bank Nat’l Assn. v. Palmilla Dev. Co. that under Nevada law, a “receiver’s sale” of real property securing a loan qualifies as a judicial foreclosure sale, and...more

Can a Magistrate Appoint a Receiver?

QUESTION: Can a magistrate appoint a receiver? ANSWER: While an arbitrator cannot appoint a receiver, Marsh v. Williams, 23 Cal. App 4th 238 (1994), a magistrate can....more

Third Circuit Finds Insured v. Insured Exclusion Precludes Recovery of Defense Costs

Many corporate executives may be under the impression that the defense costs they incur when sued for actions taken in their role as officers of the company would be covered by a “Management Protection” insurance policy. The...more

Standing in the Shoes or Freeing Evil Zombies? The Public Policy of Applying the In Pari Delicto Defense to Actions Brought by a...

In pari delicto is an equitable defense asserted when a defendant claims that a plaintiff is equally at fault for the wrong that has befallen him. The doctrine is “rooted in the common-law notion that a plaintiff’s recovery...more

Fore! Ponzi Scheme Lands The Golf Channel In The Rough

Receivers handling Ponzi schemes and fraud cases are familiar with the concept of suing the “winners” in the scheme to recover transfers made to them in excess of their investment. Such suits are based on the theory that the...more

Recent Nevada Supreme Court Opinions Impact Deficiency Actions

The Nevada Supreme Court recently issued two significant opinions that impact deficiency judgment actions in Nevada, and is preparing to issue a third. In Munoz v. Branch Banking and Trust Company, Inc., the Court held that...more

FDIC Receivership Precludes Shareholder Suit Against Failed Bank

Why it matters - A shareholder suit against a bank holding company and its directors and officers was precluded by the Federal Deposit Insurance Corporation’s (FDIC) receivership of the underlying failed bank, the...more

Receiver’s Sales Are Not Immediately Appealable In Federal Court

QUESTION: I purchased assets from a receiver. The court approved the sale over the objection of one of the defendants. The sale has now closed. I was just informed that the defendant is appealing the order approving the sale....more

If Receiver’s Sales Aren’t Foreclosures, What Are They?

When no statute specifically authorizes a court-appointed receiver to sell real property, what type of sale is it? The Supreme Court of Nevada recently addressed this question, holding that “a receiver sale of real property...more

Enforcement of Arbitration Award by Equitable Execution over Foreign Assets

In Cruz City Mauritius Holdings v Unitech Ltd & ors [2014] EWHC 3131 (Comm), 2 October 2014, Males J allowed the application of the claimant for the appointment of receivers by way of equitable execution over the foreign...more

Can A Receiver Take Over Out-of-State Assets With A California Appointment Order?

QUESTION: I am a receiver for a partnership. While most of the partnership assets are in California, I have discovered the partnership owns a storage facility in Nevada and mining equipment in Arizona. Can I take over and...more

At Her Majesty‘s Pleasure? Directors of ‘can pay, won‘t pay’ award debtors face the prospect of an extended stay in England should...

The grant by Males J of an order for the appointment of receivers by way of equitable execution in relation to foreign assets held by two arbitration award debtors, Unitech Limited (”Unitech”) and Burley Holdings Limited...more

The Texas Supreme Court Decision in Ritchie v. Rupe

On June 20, 2014, the Texas Supreme Court issued its opinion in Ritchie v. Rupe, 2014 Tex. LEXIS 500 (Tex. 2014). In Ritchie, a minority shareholder in a closely held corporation attempted to force the majority shareholders...more

Can a Receiver Retake Possession of the Property if a Bankruptcy is Dismissed?

QUESTION: I was appointed receiver for a business. Shortly after my appointment the owners put the business into bankruptcy and I turned over possession to the debtor. I was not discharged as receiver. I just learned that the...more

Can Investor/Creditor Recoveries from Third Parties Reduce Their Claims in a Receivership?

QUESTION: I am an equity receiver and I am setting up a claims procedure. I know some creditors and investors have filed suit against third parties to recover their losses. Can I consider these possible third party recoveries...more

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