Rent Receiverships and Statutory Receiverships
The appointment of a receiver during a pending lawsuit or as a means of collecting assets is an extraordinary remedy that is granted by the Courts to maintain the status quo and to prevent further harm to creditors. The appointment of a rent receiver can allow a commercial mortgagee to protect a commercial property by having the Court appoint a third party to manage the stream of rental income and maintain the property during a pending foreclosure action. The appointment of a statutory receiver by the Court will allow a third party to take control of a business debtor’s assets to administer those assets on behalf of the creditors. Our attorneys represent both creditors and receivers in all aspects related to the standards and procedures of appointment through the management, liquidation and conclusion of the receivership.