Trusted Legal Guidance Planning Receiverships
Receiverships are complex legal tools. Whether you are considering requesting one or your business is facing one, it is critical to have a clear understanding of your options and rights. With offices in Bismarck and Harvey, our team at Nyhus Law Firm helps businesses and creditors throughout North Dakota with receivership matters. Let our experienced planning receiverships attorneys provide you with the honest guidance and trusted support you need.
The Basics Of Receiverships
A receivership is when a third-party neutral is temporarily given control over a company’s assets to manage or liquidate them. This third party is known as a receiver. This process can either be sought by a business’ creditors or initiated voluntarily by a business.
When Is A Receivership Used?
A receivership may be necessary in a range of circumstances, including:
- Business insolvency
- Security interest enforcement
- As a bankruptcy alternative
- Shareholder conflicts and other business disputes
- In certain bankruptcy proceedings
- Addressing distressed properties a company owns
Our lawyers can assist you in determining if a receivership is the right option for your situation.
How Are Receivers Appointed?
How a receiver appointment occurs depends on the type of receivership. In a court-ordered receivership, the court appoints the receiver. Meanwhile, in a private receivership, the appointment occurs through a contractual agreement.
The Duties And Powers Of A Receiver
A private or court-appointed receiver plays a critical role in ensuring efficient business rehabilitation or debt recovery efforts. As part of this, they:
- Take custody of assets
- Handle asset management
- Manage operations to mitigate losses
- Execute a plan for asset distribution or business turnaround
Get The Strong Legal Strategies You Need
Whether you are a business planning for future needs or a creditor considering enforcement actions, having a solid receivership planning legal strategy is vital. Our planning receiverships attorneys are here to help you develop a plan of action tailored to your needs. Contact us today at (701) 751-2262 or via email.