A Receiver is a disinterested court officer who is appointed by a Common Please Court following the filing of an application of petition. In the interest of recovering and protecting assets, the Receiver is given certain powers including:
Discretion to manage and liquidate the entity's assets, while accounting for all receipts and payments
Filing claims on behalf of the entity placed into "receivership"
Distributing assets to claimants or creditors through a court-approved plan
Placing a business in receivership is an "equitable" action that allows a Judge to protect assets while parties are in legal disputes. Receivers, therefore, ultimately answer to the Judge, and not to either the plaintiff nor defendant. Sometimes,
the act of petitioning a court for a Receiver can in itself encourage parties towards a settlement.
While Receivers are most commonly appointed over real estate, they can also handle:
Health and Safety Issues
Government Regulatory Matters
To get started with Receivership today, schedule a meeting with New Perspective Asset Management to discuss your needs and see if the court-receivership process is right for you or your client's situation. If parties agree the court-receivership process could be beneficial to their needs, schedule a second meeting with the legal counsel for New Perspective Asset Management and other key players to discuss how the process works and where best to employ it. See what our extensive experience can do for you!
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OPEC Healthcare Cooperative
OPEC was unable to pay the healthcare claims of its clients. The NPAM team took control of the remaining assets and negotiated on claims to get bills paid.