Receivership is a remedy used to gain control over collateral assets when a business or individuals financial circumstances are declining. In some instances, Creditor's documents, such as a Mortgage, authorize the appointment of a Receiver to take control of and dispose of collateral for the Creditor's benefit.
In other circumstances, the remedy is available under the Court's Equity powers. The advantage of a Receivership is that the initiating Creditor often dictates the terms the Receivership with Court supervision. Attorney Tom Reilly can discuss with you whether this remedy would provide an effective for means for resolving a relationship with Debtor and can take the necessary action to obtain the Receivership relief.