Receiverships

A receivership is the process of appointment by a court of an independent person called a receiver to obtain dominion and control of the business, property, rents and profits of a party to a lawsuit awaiting an ultimate verdict on disbursement or an agreement that a receiver have power over the financial receipts of an insolvent for the profit of creditors. The ultimate purpose of a receivership is to preserve property during the time required to prosecute a lawsuit, if any danger of property dissipation or removal from court jurisdiction exists. This process takes place through a court order with or without the property owner’s consent.