Receivership

Court Reverses The Appointment Of A Receiver Over Trust Property

by David Johnson | Winstead PC on 5/15/2013

Courts generally review receiverships very closely, and a party requesting one should follow all required procedures. In Elliott v. Weatherman, parents created an irrevocable living trust and designated their three adult...more

Shareholders Can't Block Asset Sales When Receivers Manage

by Katie Briscoe, Robert McWhorter | Nossaman LLP on 4/22/2013

Under California law, minority shareholders owning 10 percent or more of a corporation can block a sale of assets to the controlling shareholders in dissolution proceedings. However, that rule does not apply where the court...more

How To Get Paid When There Are Insufficient Funds In A Receivership

by Peter Davidson | Ervin Cohen & Jessup LLP on 3/21/2013

QUESTION: Because there were not enough funds in the receivership estate, the court has ordered the plaintiff to pay my outstanding fees. The plaintiff, however, has refused to pay me. What can I do to get paid?...more

Louisiana Receivers In Foreclosure - "Keep-er Away From My Collateral!!" Part 1

by Justin Stephens | Baker, Donelson, Bearman, Caldwell &... on 3/11/2013

Introduction This is the first of two posts on "Keepers". The first post discusses (1) what a keeper is and (2) why you should designate a Keeper. The forth-coming second post will discuss (3) the benefits of a...more

Can A Creditor With A Judgment Levy On Receivership Estate Funds?

by Peter Davidson | Ervin Cohen & Jessup LLP on 3/7/2013

QUESTION: I am a receiver for a partnership. A creditor with a judgment has threatened to levy on funds I have collected. Can she do that?...more

Production Of Documents From Court-Appointed Receivers

by Norm Emblem, Chloe Snider | Dentons on 2/1/2013

Originally published in International Law Office, January 2013: In its recent decision in SA Capital Growth Corp v Mander Estate the Ontario Court of Appeal considered whether the appellant, who was facing proceedings...more

Segregated Portfolio Companies

by Louise Groom, Sean Scott | Harney Westwood & Riegels on 1/24/2013

Any Cayman Islands exempted company (the most common Cayman corporate vehicle limited by shares), including those to be established as funds, may be registered as a segregated portfolio company (an SPC). Registration as an...more

Florida Mortgage Law: Receiverships

by Schecter Law on 1/18/2013

When a lender seeks to foreclose a property, it may be advantageous to have a receiver appointed by the court. A receiver’s responsibilities are to take custody of, manage, and preserve property. In deciding whether or not to...more

The Expansive Breadth and Scope of Arizona’s New Revised Uniform Arbitration Act

by Richard Herold, Benjamin Reeves | Snell & Wilmer L.L.P. on 1/18/2013

Recently, the Arizona Court of Appeals determined that under the 2010 Arizona Revised Uniform Arbitration Act, A.R.S. §12-3001, et seq. (the AZ-RUAA), a contractual agreement to arbitrate extends to: (i) arbitration of claims...more

Re Northern Sawmills Inc. – Court Considers Post-Indalex Pension Claims in Receivership

by Ian McSweeney | Osler, Hoskin & Harcourt LLP on 12/19/2012

This is another post-Indalex pension deficit priority case. Due to factual differences from Indalex, however, the pension claims were largely rejected. In the fall of 2008, Northern Sawmills Inc. idled its operations and laid...more

Doing Business in Canada: Restructuring & Insolvency

by Bennett Jones LLP on 10/18/2012

Companies doing business in Canada must be aware of and understand the consequences when they, or the companies with which they are dealing, encounter financial difficulties. There are important differences between the...more

Using Receiver’s Certificate To Pay Receiver’s Fees

by Peter Davidson | Ervin Cohen & Jessup LLP on 10/3/2012

QUESTION: I was appointed receiver for an unfinished housing development. I have convinced the Plaintiff (Bank) to advance funds to pay for guards, insurance and to complete construction, as well as to pay for my and my...more

The Right To Appeal Once A Receiver is Appointed

by Peter Davidson | Ervin Cohen & Jessup LLP on 9/19/2012

QUESTION: After a receiver is appointed to enforce a settlement, can the defendant, a California corporation, appeal the judgment and order appointing the receiver, or is the receiver the only party that has the right to...more

Receivers in Arbitration Proceedings

by Peter Davidson | Ervin Cohen & Jessup LLP on 9/5/2012

QUESTION: My client is involved in a partnership dispute. The partnership agreement provides all disputes are to be resolved by binding arbitration. I may want to have a receiver appointed to operate the partnership property...more

FDIC Files Three RMBS Lawsuits as Receiver for a Texas Bank

by Orrick - Structured Finance Group on 8/28/2012

On August 17, the FDIC, in its capacity as receiver for Texas-based Guaranty Bank, filed three actions in Texas state court arising out of the bank’s alleged investments in 36 RMBS certificates totaling $5.4 billion in face...more

FDIC Files Five Lawsuits Against Bank Entities Over RMBS

by Orrick - Structured Finance Group on 8/22/2012

On August 10, the FDIC in its capacity as receiver for Colonial Bank filed five lawsuits – three in Alabama state court, one in New York federal court, and one in California federal court – seeking $741 million in damages...more

Is It Necessary To Give Unsecured Creditors Notice of Motions in Receivership Cases?

by Peter Davidson | Ervin Cohen & Jessup LLP on 8/8/2012

QUESTION: In an operating receivership with an impaired secured creditor, where there is no possibility of payment to unsecured creditors, is it necessary to notice unsecured creditors on motions? ANSWER: The answer is...more

FDIC Brings Two RMBS Lawsuits Against Several Investment Banks and Related Entities

by Orrick, Herrington & Sutcliffe LLP on 5/30/2012

On May 18, 2012, the FDIC, in its capacity as receiver for two failed banks, filed two actions in the Southern District of New York arising out of the banks’ alleged purchase of RMBS. In the first suit, the FDIC asserts...more

Dodd-Frank, Title II: Where the FDIC and the “Orderly Liquidation Authority” Meet the Bankruptcy Code

by Morrison & Foerster LLP on 9/2/2010

The FDIC is currently responding to one of the worst financial crises in the history of the nation’s banking system. Sheila Bair, Chairman of the FDIC, expects that 2010 “will be the high water mark for the banking crisis.”1...more

Dodd-Frank Bill Reshapes Businesses

by Dinsmore & Shohl LLP on 7/16/2010

The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Bill”) represents the most ambitious and thorough regulatory reform of the laws governing the financial industry since the Great Depression....more

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