Redirect Your Debtor’s Business Funds To You
What Is Appointment Of Receivers?
If your debtor is a business and not paying, you can essentially take over the company and redirect all profits to yourself.
Called an appointment of a receiver, this process displaces the business owner or operator and replaces him or her with an individual — the receiver. The receiver takes over all business operations. His/her job is to make the business as profitable as possible. Profits are given to you to satisfy the debt you are owed.
Debtors hate this. Not only are they are being forced to pay the debt they owe, but someone else has taken over their business — against their wishes — and they have to pay that person an hourly fee. This fee is in addition to the original debt they owed.
How An Appointment Of A Receiver Helps You
An appointment of receiver can:
- Ensure that profits earned by the business are paid to you.
- Grant access to all of the business’s books and records, making it a more efficient way to identify and seize valuable assets.
- Recover property that was fraudulently transferred in an attempt to keep it out of your hands.
- Sell off, or liquidate, business assets to satisfy the debt
The costs associated with liquidating assets may be less than those associated with a sheriff’s sale. That means more money in your pocket.
Appointment of receivers is often used as a last resort. While you are not legally required to try other collection tactics, courts are often hesitant to approve an appointment unless other avenues have been explored.
At Joshua P. Friedman & Associates, Inc., we know what it takes to get court approval of a receiver. Our motions clearly demonstrate the need for a receiver. Not only do we secure court approval, but we are often able to select the receiver.