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Court-Appointed Receivers Receivership

Cadwalader, Wickersham & Taft LLP

Ex Parte Appointment of a Receiver Confirmed

The New York County Supreme Court recently held that in the event of foreclosure, a receiver can be appointed, regardless of necessity, when the parties have contracted for such appointment. 24 West 57 APF LLC (“Defendant”)...more

Conyers

How to Fail at Service Out: Misleaders Beware Jurisdiction Challenge – BVI Court Sets Aside Ex Parte Service Out Order in US$230...

Conyers on

In a recent judgment, which was heavily critical of the claimant bank, the BVI Commercial Court has set aside an order obtained ex parte permitting service on non-BVI resident defendants of a fraud claim out of the...more

Conyers

Receivership Order for Cayman Islands Segregated Portfolio Fund Secured in 3 Months

Conyers on

Feb 2024 On 12 January 2024, the Honourable Mr Justice Kawaley granted an order for the appointment of receivers pursuant to Section 224 of the Companies Act (2023 Revision) (the “Act”), over the Premier Life Settlement Fund...more

Ervin Cohen & Jessup LLP

How To Handle the Cost of Producing Records From a Closed Receivership

Q: I was involved in a now closed receivership. I want access to some of the records of the entity that was in receivership and some emails and information I believe was sent to the receiver or her counsel....more

J.S. Held

Examining the Uniform Commercial Real Estate Receivership Act in Shaping Arizona’s Real Estate Receiverships

J.S. Held on

Historically, Arizona courts have granted receivers certain powers and duties related to commercial real estate and certain residential property in accordance with A.R.S. § 12-1241,1 and A.R.S. § 12-1242.2 For example,...more

Winstead PC

Court Affirms Receivership In Trust Case Based Solely On An Alleged Failure To Disclose And Did Not Require Traditional Equitable...

Winstead PC on

In Moody Nat’l Bank v. Moody, a beneficiary sued a trustee regarding several allegations of breach of fiduciary duty. No. 14-21-00096-CV, 2022 Tex. App. LEXIS 7844 (Tex. App.—Houston [14th Dist.] October 25, 2022, pet....more

Ervin Cohen & Jessup LLP

Can a Receivership Court Bar Third Party Claims?

Q: I am a receiver for a corporation, in a case arising out of fraud allegations. I have asserted claims against various insiders. They are willing to settle with me for a significant sum, but only if the court bars...more

Ervin Cohen & Jessup LLP

Is a Receiver Entitled to Interest on the Receiver’s Awarded, but Unpaid, Fees?

Q: In a receivership I just wrapped up, the court approved by final account and report and awarded me final fees. Because there were insufficient funds in estate to pay my fees in full, the court ordered the defendant to pay...more

Goodwin

Sixth Circuit Does Not Permit Third-Party Releases in Equity Receiverships

Goodwin on

The Sixth Circuit’s recent decision in Digital Media Solutions v. South Univ. of Ohio, 59 F.4th 772 (6th Cir. 2023) provides a cautionary tale about the limitations of federal equity receiverships as a restructuring tool. It...more

Ervin Cohen & Jessup LLP

Can a Receivership Court Stay Pending Lawsuits?

Q: I was appointed state court receiver over a corporation. There are a number of pending lawsuits against the corporation. At the current time, there are few liquid assets and I would rather not use them to defend the...more

Ervin Cohen & Jessup LLP

Can a Receiver Be Liable for Failure to Turnover Property When a Bankruptcy Is Filed?

Q: I was appointed receiver for some major assets owned by a corporation. I just learned the corporation has filed bankruptcy. I know I have to eventually turnover the assets I have. Can I wait to see if the bankruptcy sticks...more

J.S. Held

The Distressed Cannabis Business: An Alternative to Bankruptcy

J.S. Held on

Bankruptcy is Not an Option - Bankruptcy can be a very helpful tool for a distressed business. Bankruptcy allows a business to stop collection actions, discharge certain debts, cancel unfavorable contracts, and provides...more

Ervin Cohen & Jessup LLP

When Should A Receivership Be Terminated?

Q: I was appointed a receiver to collect a judgment. I have not yet filed my final account and report, the court has not approved my final fees. Other creditors of the judgment debtor are demanding that I pay them, because...more

Ervin Cohen & Jessup LLP

Must A Receiver File An Inventory?

Q: A few months ago I was appointed receiver over an operating business. A party is complaining that I have not filed an inventory of the assets of the business. My order of appointment says nothing about my having to file an...more

Ervin Cohen & Jessup LLP

Does A Receiver Have To Comply With A Subpoena?

Ervin Cohen & Jessup LLP on

Q: I am a receiver in a partnership dispute case. I have been served with a subpoena issued from a case outside the receivership case, seeking partnership records and emails to and from a defendant in that case. Neither the...more

Ervin Cohen & Jessup LLP

What Duties Do Receivers Have To Provide Creditors?

Q: I am a creditor of an entity that is now in receivership. I have contacted the receiver, and her attorney, a number of times requesting information about what is going on, especially the proposed sale of the entity’s...more

Ervin Cohen & Jessup LLP

Can a Discharged Receiver Be Sued Without Court Permission?

Q:  I was discharged as receiver a number of years ago. One of the defendants in the case has now sued me and my former attorney, contending we violated his civil rights when I sold some of his assets and that we conspired...more

Winstead PC

Court Reverses Receivership In Trust Dispute Where It Failed To Require The Applicant To Post A Bond

Winstead PC on

In Peek v. Mayfield, a beneficiary sued a trustee for breach of fiduciary duty. No. 02-20-00107-CV, 2021 Tex. App. LEXIS 6080 (Tex. App.—Fort Worth July 29, 2021, no pet.). ...more

Kaufman & Canoles

Commercial Real Estate Receiverships: The Closing of the Action and Miscellaneous Matters

Kaufman & Canoles on

The sale order should require that the receiver file an accounting of its activities as receiver within so many days of the sale of the property. Once that has been filed, the secured lenders counsel can file a motion to...more

Kaufman & Canoles

Commercial Real Estate Receiverships: The Sale Process Itself

Kaufman & Canoles on

Typically, the receiver will market the property for sale using the same methods as it would for any other commercial property. It will install signage on the property, list the property with the appropriate online commercial...more

Kaufman & Canoles

Commercial Real Estate Receiverships: The Receiver’s Duties

Kaufman & Canoles on

Aside from the management and preservation of the property, there are several additional things the receiver should do upon entry of the receivership order and the filing of the surety bond, if required....more

Kaufman & Canoles

Commercial Real Estate Receiverships: History, Factors, and Types of Receiverships

Kaufman & Canoles on

Historically, receiverships for commercial real estate were used to collect rents and fees generated by income-producing properties prior to the completion of foreclosure sales on those properties. While receiverships are...more

Snell & Wilmer

Can a Receiver Prime and Strip Liens Against Real Property?

Snell & Wilmer on

Courts overseeing receivers generally enjoy broad discretion in directing and approving a receiver’s proposed actions. But does that authority extend to a receiver not only granting a super-priority lien ahead of existing...more

Ervin Cohen & Jessup LLP

When Can a Court Refuse To Appoint a Receiver Under Health and Safety Code Section 17980.7c?

Q: I have handled a number of health and safety receiverships. A city I have worked with before asked me to look at a property and prepare a proposed remediation plan, so they could have me appointed receiver under Health and...more

Patton Sullivan Brodehl LLP

A Receiver For Your LLC?

LLC disputes frequently lead to the court’s appointment of a receiver under California Code of Civil Procedure section 564.  The receiver effectively steps into the shoes of the LLC’s manager, and calls the shots regarding...more

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