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.
Puerto Rico Appointment of a Receiver
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US-L07057
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FAQ
Generally fees are paid on a monthly basis directly from the proceeds of the property after proper notice to all parties. However, the court retains jurisdiction to approve all fees paid and reserves the right to deny certain improper fees, requiring a receiver return such fees.
A receiver is a person appointed by a court, government regulator, or private entity to manage debt consolidation for a company. When a receiver is appointed, a company is said to be "in receivership." Receivership is an alternative to bankruptcy.
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 is just one form of court-ordered intervention for companies in the dispute or financial distress to maintain, restructure, or dissolve. Receivers are appointed by the court by agreement or at the request of an owner, creditor, or third parties to whom a company owes money.
The Receiver is appointed to take possession of and sell or liquidate the assets secured by the security agreement in order to repay the outstanding debt. In a Receivership, a secured creditor or the Court may also appoint a Receiver-Manager to operate and manage the business until it is sold as a going concern.