In case a business or consumer is not able to pay their debts, they may file for bankruptcy or make a proposal in form of a legal arrangement and compromise to pay their debts for a percentage of their value. These legal proceedings are undertaken under the Bankruptcy and Insolvency Act, and they must be registered with the Office of the Superintendent of Bankruptcy. Bankruptcy and Receivership are two important aspects devised to protect the interest of individual and creditors.
Receivership is a process where a receiver is appointed through legal order by the court or by a secured creditor through a Letter of Appointment. The receiver is recognized as third party identity. The main causes of appointment of receiver are to take control of property, supervise liquidation proceedings and forward the proceeds according to priorities time-honored by statutory law. You will find receivership services offered in two forms namely, court appointed receiver and privately appointed receiver who is appointed by a secured creditor.
Receivership Services are offered by highly intelligent team of professionals who are well acquainted with the court proceedings involved in the foreclosure process and the appointment of a receiver. They have immense experience, which provides them the ability to participate in the legal process with their clients and attorneys. Their area of work includes reassuring that the order of appointing a receiver is sufficient in its scope in addition to authority and offers the necessary tools for a smooth transition and the financial flexibility in order to sustain and generate value in the asset.
Receivership is different from bankruptcy because receivers are to act as agents of the court to liquidate the assets of a Corporation, Partnership, Limited Liability Company or Limited Liability Partnership. Once the assets are liquidated, creditors are paid from the sale proceeds. Receivers are also appointed in cases that involve shareholder, partner or member disputes where management is facing deadlock.
You require expert legal counsel to decide whether your business needs to file for receivership or bankruptcy. In recent years bankruptcy has become a flexible tool for debtors dealing with real estate debt problems. There are real estate receivers and real estate bankruptcy experts available for professional guidance.
California Receiver is in complete control of the receivership estate and answerable only to the court that made the appointment. The Receiver's main objective is to take possession of and to manage the receivership property's assets. Courts may ask the receiver to look into past accounting records to ensure the transactions. They may also be required to discover and check for undetectable assets or carry out general discovery for the court.
Choosing the receiver appointed by the court is probably one of the most critical decisions that are made in reference to your distressed assets or businesses. The expertise of the chosen receiver and associated professionals has a significant effect on the final disposition of the asset and receivership estate. James H. Donell and Stephen J. Donell have over decades of experience in the administration of Arizona receivership cases involving real estate and business cases. They carefully analyze each case, identify and implement the best management solution and responsible to preserve and protect receivership estate assets.
Receivership is a process where a receiver is appointed through legal order by the court or by a secured creditor through a Letter of Appointment. The receiver is recognized as third party identity. The main causes of appointment of receiver are to take control of property, supervise liquidation proceedings and forward the proceeds according to priorities time-honored by statutory law. You will find receivership services offered in two forms namely, court appointed receiver and privately appointed receiver who is appointed by a secured creditor.
Receivership Services are offered by highly intelligent team of professionals who are well acquainted with the court proceedings involved in the foreclosure process and the appointment of a receiver. They have immense experience, which provides them the ability to participate in the legal process with their clients and attorneys. Their area of work includes reassuring that the order of appointing a receiver is sufficient in its scope in addition to authority and offers the necessary tools for a smooth transition and the financial flexibility in order to sustain and generate value in the asset.
Receivership is different from bankruptcy because receivers are to act as agents of the court to liquidate the assets of a Corporation, Partnership, Limited Liability Company or Limited Liability Partnership. Once the assets are liquidated, creditors are paid from the sale proceeds. Receivers are also appointed in cases that involve shareholder, partner or member disputes where management is facing deadlock.
You require expert legal counsel to decide whether your business needs to file for receivership or bankruptcy. In recent years bankruptcy has become a flexible tool for debtors dealing with real estate debt problems. There are real estate receivers and real estate bankruptcy experts available for professional guidance.
California Receiver is in complete control of the receivership estate and answerable only to the court that made the appointment. The Receiver's main objective is to take possession of and to manage the receivership property's assets. Courts may ask the receiver to look into past accounting records to ensure the transactions. They may also be required to discover and check for undetectable assets or carry out general discovery for the court.
Choosing the receiver appointed by the court is probably one of the most critical decisions that are made in reference to your distressed assets or businesses. The expertise of the chosen receiver and associated professionals has a significant effect on the final disposition of the asset and receivership estate. James H. Donell and Stephen J. Donell have over decades of experience in the administration of Arizona receivership cases involving real estate and business cases. They carefully analyze each case, identify and implement the best management solution and responsible to preserve and protect receivership estate assets.