Receivership

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Receivership

In corporate bankruptcy, a situation in which a court or regulator appoints a custodian to administer all assets and debts. This custodian is known as a receiver; his/her duty is to pay off as many debts as possible as cheaply as possible. One obvious way to do this is to liquidate the company, but this is not always done. The receiver may restructure the company to put it on a path toward solvency.

In the United States, different financial regulators have the authority to decide whether receiverships are necessary. The Office of Thrift Supervision may do this for savings and loans; the Office of the Comptroller of the Currency for national banks. In any federally-chartered savings and loan or bank, the FDIC must be appointed receiver.
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But before I could even make it through the formal receivership court hearing process, the borrower filed for bankruptcy--and I was prepared to say goodbye to my largest account, as well as my budding receivership career.
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Melanie Morrison, CPM, Principal, MEB Management Services, Tucson, Ariz., which in March was acting as a receiver for four communities in Arizona and as a manager for a group of seven communities whose owner recently filed for bankruptcy, said her firm follows a checklist for receivership situations.
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* No effective oversight of insurance receivership administration occurs, which may result in mismanagement, unnecessarily prolonged receiverships and excessive costs.
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The Florida Bar Business Law Section's Bankruptchy/UCC Committee recently established a Receivership Study Group to provide a forum for discussion and exchange of ideas on receivership law.
Receivership study group formed
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* Income from receiverships (liquidating dividends and payments on claims) to the extent such funds are not required by REFCO or the Financing Corporation (FICO).
Understanding obligations of the FSLIC

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