Receivership

News & Analysis as of

Can a Receiver Reject a Lease like a Bankruptcy Trustee?

QUESTION: I am a receiver for an operating entity. It has three offices. The rent for one of the offices is excessive and the business does not need all the space. I have approached the landlord about giving back some of the...more

FDIC Resolves Doral Bank in a New Receivership Action

The $5.9 billion Doral Bank (San Juan, Puerto Rico), a wholly owned subsidiary of Doral Financial Corporation (Coral Gables, Florida), was closed by the Office of the Commissioner of Financial Institutions of Puerto Rico, on...more

Can a Receiver’s Appointment Be Declared Void by Another Court?

QUESTION: I am a receiver appointed pursuant to stipulation in an action pending in superior court between a husband and a wife over the operation of a business they own. After operating the business for many months, I agreed...more

Eleventh Circuit Affirms Arbitration Dismissal in Favor of Investor’s Estate in Clawback Suit

The receiver of hedge funds that were part of a $168 million Ponzi scheme was unable to vacate an arbitration award denying clawback claims brought against an investor’s estate. The US Court of Appeals of the Eleventh Circuit...more

IBERIABANK v. Beneva

When an institution acquires a failed bank from the FDIC as Receiver and then faces litigation arising from the failed bank’s loans, FDIC “special powers” can often be asserted by the institution, as assignee of the FDIC as...more

Polsinelli Podcasts: Out-of-Court Alternatives to Bankruptcy [Video]

Given the economic downturn of recent years, professionals fees and cost have been a driving factor in conducting the acquisition of distressed assets. A majority of these transactions take place pursuant to section 363 of...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

Commonwealth Court Of Pennsylvania Approves Reinsurance Commutation Agreement

On September 4, 2014, the receivership court for the Reliance Insurance Company (“Reliance’) estate (the “Reliance Estate”) approved a settlement agreement allowing the Liquidator to terminate and commute the obligations...more

Seventh Circuit Warns Intervenors Not to Sleep on Their Rights

It’s an ancient principle of equity, drawn from Roman law: Equity relieves the vigilant, not those who sleep upon their rights. And it sums up quite well the Seventh Circuit’s recent decision in SEC v. First Choice Management...more

Iowa Decision Underscores the Danger of Sharing Privileged Material with Reinsurers

Last month, a federal court in Iowa handed down a decision holding that neither work product nor attorney-client nor the common interest doctrine shield legal advice and analysis from production in discovery once it has been...more

Receiver Appointed To Oversee Sell-Off Of Corporation's Intellectual Property

When I wrote last week about Americana Development, Inc. v. Ebius Trading & Distributing Co., the Business Court had entered a TRO against the Defendants prohibiting them from disposing of the intellectual property of...more

Court Rejects Claims Of Privilege, Work Product, And The Common Interest Doctrine To Reinsurance Information

In a discovery dispute between insurer Progressive and the FDIC, as receiver of the insured bank, a federal district court has rejected all claims of attorney-client privilege and work product protection to reinsurance...more

“Blinded By the Light of God and Truth and Right”: Constitutional Arguments Carry the Day Against Zealous Insurance Receiver

Insurance receivers have the unenviable job of liquidating failed insurance companies: collecting the insolvent insurers’ assets and paying claims against the failed insurers in accordance with a statutory claim priority...more

Stipulation Waiving the Final Accounting—Is it a Good Idea?

QUESTION: I have concluded my work as a receiver in a case, and the parties have requested that I enter into a stipulation with them waiving my final account and report discharging me as a receiver so they can avoid the cost...more

Is there a Statute of Limitations on the Term of a Lease a Receiver can Execute?

QUESTION: I am a receiver for a shopping center. I want to enter into a five year lease for one of the stores. Is there a statute or rule that limits the term of leases a receiver can execute?...more

The Receiver is Thinking of Filing a Bankruptcy Petition for a Corporation in Receivership. As Counsel, if this Happens, are My...

QUESTION: I am counsel to a receiver for a corporation and things aren’t going too well. The receiver is thinking of filing a bankruptcy petition for the corporation. If this happens, are my fees in jeopardy?...more

Texas Supreme Court's Recent Shareholder Oppression Opinions Reaffirm Primacy of Common Law Fiduciary Duties Under Gearhart

In three recent cases, the Texas Supreme Court has made it clear that for claims of "minority shareholder oppression" — essentially, acts of a majority shareholder group that are harmful to a minority shareholder without...more

Doing Business in Canada: Bankruptcy and Insolvency

BANKRUPTCY & INSOLVENCY - In Canada, an “insolvent company” (or “person”) refers to an entity which is not bankrupt and which resides, carries on business or has property in Canada; and which is unable to meet or has...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

Can I Be Sued By a Creditor in Nevada as a Receiver Appointed by the Court in California?

QUESTION: I am a receiver appointed by a court in California in a contentious case. One of creditors has threatened to sue me in Nevada were he is located. How can this creditor sue me? I am a receiver appointed by the Court!...more

Colorado Amends Laws Governing Credit For Reinsurance And Receiverships

Colorado has amended its laws regarding credit for reinsurance and receiverships to conform to certain model acts adopted by the National Association of Insurance Commissioners (NAIC). House Bill 14-1315, conforms Colorado...more

When Does the Statute of Limitations Start to Run on Avoidance Claims Brought by a Receiver?

QUESTION: I am a receiver. I filed a fraudulent transfer action against the mother of the defendant in the main case in which I was appointed. I only discovered six weeks ago that the defendant had transferred hundreds of...more

Is a Receiver Disqualified if He or She is Related to a Party or a Judge?

QUESTION: My cousin, who is a lawyer, asked me to act as a receiver in a case where he represents the plaintiff. Is there some prohibition on my doing so? Am I ineligible to act as receiver because of our family relationship?...more

New York Court Holds Underlying Claims Not Interrelated

In its recent decision in Glascoff v. OneBeacon Midwest Ins. Co., 2014 U.S. Dist. LEXIS 64858 (S.D.N.Y. May 8, 2014), the United States District Court for the Southern District of New York had occasion to consider the concept...more

When a Receiver is Appointed Does this Prevent Former Officers & Directors from Filing a Bankruptcy Petition on Behalf of the...

QUESTION: I have noticed language in a number of receivership orders providing that the receivership entities’ officers and directors are removed and their powers are vested in the receiver and further enjoining the officers...more

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