Connecticut Agreement between Creditors and Debtor for Appointment of Receiver

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Description

A receiver is a person authorized to take custody of another's property in a receivership and to apply and use it for certain purposes. Receivers are either court receivers or non-court receivers.


Appointment of a receiver may be by agreement of the debtor and his or her creditors. The receiver takes custody of the property, business, rents and profits of an insolvent person or entity, or a party whose property is in dispute.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

The fundamental distinction between receivership and other forms of external administration is that receivers are usually appointed by a secured creditor (such as a bank) for the purpose of ensuring that the secured creditor gets paid.

A receiver can be appointed by the court by virtue of section 209(1)d of CAMA on the application of a trustee of the covering debenture trust deed. 42 A receiver/ manager appointed by the court, becomes an o2044cer of the court and shall act in accordance with the directions and instructions of the court.

Fast Fact. Court-appointed receivers are officers of the appointing court; they do not act as fiduciaries for creditors (that is, protect the interest of those who are owed money) as debtors and trustees do in bankruptcy cases.

What is the Role of a Receiver? The purpose of the receiver is to preserve property or other assets of the parties subject to litigation in an effort to ensure an equitable outcome for all parties involved.

A receiver is a person appointed by a court to manage a company's affairs. The receiver is authorized to run the company the same way the owner(s) would, and thus, the receiver takes over the duties of the company's owners or managers.

Receivership, formally known as administrative receivership, is a legal process whereby a receiver is appointed by a floating charge holder such as a bank or other lender. The receiver then "receives" any of the assets of the company that it can liquidate in order to pay back the lender.

1) A neutral person (often a professional trustee) appointed by a court to manage a party's legal interests in a court proceeding.

Receivers are often appointed by the court, but creditors can also appoint individual receivers. Ultimately, the receiver must be independent and have the authority to sell company assets.

A Receiver is an officer appointed by the Court who is given custody of specified assets with direction to liquidate them and distribute the proceeds. A Court order is typically required to appoint a Receiver, and the terms of the order describe the Receiver's duties and powers.

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Connecticut Agreement between Creditors and Debtor for Appointment of Receiver