Illinois Receivers are court-appointed representatives who are authorized to manage and take control of an individual’s or entity’s assets, liabilities, and financial affairs. Receivers are appointed by the court to act as a fiduciary on behalf of those who are unable or unwilling to manage their finances. Receivers may be appointed to protect creditors, conserve assets, and help settle disputes. There are three types of Illinois Receivers: Temporary Receivers, Special Receivers, and Permanent Receivers. Temporary Receivers are appointed to take control of assets for a short period of time, typically to preserve the assets until the court can decide on a permanent resolution. Special Receivers are appointed to manage specific assets, such as a business or a property. Permanent Receivers are appointed to manage assets on a long-term basis until the matter is resolved or the assets are liquidated.
Illinois Receivers
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