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.
Connecticut Appointment of a Receiver
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Multi-State
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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.
Trustees, licensed and supervised by the federal government, carry out the administration of a bankruptcy. A receiver is usually instructed to take possession of the assets and control the receipts and disbursements of the debtor, either by private appointment or Court Order.
The purpose of the receiver is to preserve property or other assets of the parties subject to litigation in an effort to ensure an equitable outcome for all parties involved.
Court-appointed receivers, on the other hand, are neutral third-party officers of the appointing court. They work on behalf of both the company in debt and its creditors to reach a mutual agreement that benefits all parties involved, ideally with the aim to repay debts while continuing to maintain business operations.
Such powers of a receiver will usually include power to manage the company's business and to carry on trading. The creditor will decide whether the company's assets should be sold or whether its business should be carried on.
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.