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.
Michigan Appointment of a Receiver
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Multi-State
Control #:
US-L07057
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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. Receiver: Definition, Legal Role, and Responsibilities - Investopedia investopedia.com ? terms ? receiver investopedia.com ? terms ? receiver
A receiver selected by the court must have sufficient competence, qualifications, and experience to administer the receivership estate. (2) The party moving for the appointment of a receiver may request, or the parties may stipulate to, the selection of a receiver.