This is an order for the appointment of a receiver. In an instance where the appointment of a receiver is necessary, this decision and order directs the receiver to reduce to cash any and all asssets where possible, and to file with the clerk a list of all assets and their disposition.
California Appointment of a Receiver
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US-L07057
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The Official Receiver of the Republic of Kenya deals with Licensing and Supervision of Insolvency Practitioners, administration and supervision of Bankruptcy of Natural persons and Administration and Liquidation of Companies.
Obligations to creditors The only obligation that a receiver has to an unsecured creditor (except employees) is to take reasonable care to sell any assets of the company for not less than market value, or the best price reasonably obtainable.
A receiver must be a licensed insolvency practitioner. Two or more receivers can be appointed to act at once and may act jointly or individually.
A receiver is a person appointed as custodian of a person or entity's property, finances, general assets, or business operations. Receivers can be appointed by courts, government regulators, or private entities. Receivers seek to realize and secure assets and manage affairs to pay debts.
The receiver is an agent of the court and not of any party, and as such: (1) is neutral; (2) acts for the benefit of all who may have an interest in the receivership property; and (3) holds assets for the court and not for any party. (California Rules of Court, rule 3.1179, subd. (a).)
Such powers of a receiver will usually include power to manage the company's business and to carry on trading. The creditor will decide whether the company's assets should be sold or whether its business should be carried on.
Receiver: It extracts the message signal from the transmitted carrier signal. It reconstructs actual signals using output transducers. Transducers are devices that convert electromagnetic signals into sound, light or electrical signals.
(b) A receiver may be appointed by the court in which an action or proceeding is pending, or by a judge thereof, in the following cases: (1) In an action by a vendor to vacate a fraudulent purchase of property, or by a creditor to subject any property or fund to the creditor's claim, or between partners or others ...