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Court-appointed receivers are "the most powerful and independent of the judicially appointed managers." [ 8 ] Unlike special masters and monitors, "the receiver completely displaces the defendants: the receiver makes large and small decisions, spends the organization's funds, and controls hiring and firing determinations."
An OR has the following responsibilities: acting as interim receiver or provisional liquidator: At any time after a petition for an insolvency order under section 122 of the Insolvency Act 1986 (c. 45) has been presented, the court may appoint the OR as interim receiver (for an individual) or as provisional liquidator (for a company).
the Receiver is a court-appointed officer, and by acting in that capacity "the receiver acts not as agent of the debtor (Petrowest), who has been legally paralyzed from acting, but rather acts in fulfilment of its own court-authorized and fiduciary duties, owed to all stakeholders. Petrowest, on the other hand, can do nothing." [15]
Wachter said Gleason, Krieger's financial advisory firm, has members who regularly serve as court-appointed receivers. Wachter said the district became acquainted with the Gleason firm through its ...
Should a receiver be appointed by the court, the individual would have oversight of the finances and bank accounts of Mott's various businesses, including Monroe's Restaurant in Pittsford and ...
A judge has appointed a receiver for the vacant Latitude Five25 apartments on the Near East Side. The receiver will create a plan to rehab the site.
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. [1]
A receivership is when an external administrator known as a "receiver" (usually a "receiver and manager" if it requires controlling the company) is appointed by a secured creditor to sell off a company's assets in order to repay the secured debt, or by the court to protect the company's assets or carry out other tasks. [1]