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.
Virginia Appointment of a Receiver
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US-L07057
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An Interim Receiver is an officer of the Court and generally acts as a custodian on behalf of a creditor(s). An Interim Receiver is a distinct and separate function from a Receiver. The duties, powers and role of the Interim Receiver are set out in the court order that authorized its appointment.
A federal receivership, among other uses, is a cost-effective method for secured creditors to gain control over the collateral upon default while maintaining the value of an operating business. A receiver will preserve and protect the collateral, as well as the financial integrity of the business as a going-concern.
Receivership is a legal process where an external party is appointed to sell or safeguard the assets of a company or business. The external party is called a Receiver if the role is simply to sell assets, or a Receiver and Manager if the role is extended to managing a business.
Whenever the pleadings in any suit make out a proper case for the appointment of a receiver and application is made therefor to any court, such court shall designate the time and place for hearing such application, and shall require reasonable notice thereof to be given to the defendant and to all other parties having ...
The general receiver's duty shall be, unless it is otherwise specially ordered, to receive, take charge of and hold all moneys paid under any judgment, order or decree of the court, and also to pay out or dispose of same as the court orders or decrees.
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.
How Do Court-Appointed Receivers Get Paid? To get paid, court-appointed receivers submit itemized reports to the court listing the fees and expenses associated with their work. Often these fees and costs are authorized by the agreement of interested parties, although interested parties are allowed to object.
While the types of receiverships include business, marital dissolution, government enforcement, judgment enforcement, construction completion, and partnership dissolution, the most common receivership involves traditional real estate cases, also known as rents, issues, and profits cases.