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An insolvent fuel company is managed by a court-appointed receiver. [11] A U.S. District Judge appointed a receiver for the multi-level marketing company Equinox International in August 1999. [12] As of 2007, the receiver was authorized to distribute settlement funds from the now-defunct company to approved claimants. [13]
A receivership is when an external administrator known as a "receiver" 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]
Belongings of the Erie Rise Leadership Charter School were in disarray when the court-appointed receiver for the school took photos of the files on June 11 and 12, according to a report he ...
On 2 January 2020, Justice Lydia Mugambe of the Civil Division of the High Court of Uganda, appointed Ruth Sebatindira as the Administrator of Uganda Telecom Limited, under a court-appointed receivership since April 2017. [15] [21] Sebatindira took over the administration of UTL from Bemanya Twebaze on 6 January 2020. [22]
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).
In 1986 a state court appointed a receiver, Louis Schimmel, for the city of Ecorse which had a $6 million deficit. The court appointed receivership lasted until 1990. [1]The financial emergency status, along with the Emergency Financial Manager (EFM) position, was first created in Public Act 101 of 1988 for the specific emergency in Hamtramck.
The Bankruptcy Act of 1898 [2] established the position of bankruptcy referee "to assist in expeditiously transacting the bankruptcy business". The act specified that referees were to be appointed by the district court for a term of two years, although they could be removed from office or have their jurisdiction over a particular case revoked at any time.
In individual cases the bankruptcy estate is dealt by an official receiver, appointed by the court. In some cases the file is transferred to RTLU (OR Regional Trustee Liquidator Unit) that will assess your assets and income to see if you can contribute towards paying costs of bankruptcy or even discharge part of your debts.