what is receivership?

A receivership is a remedy that is authorized by a court’s equity powers. Upon appointment, the Receiver becomes an officer of the court to receive, care for, administer and dispose of property under the orders of the court. The Receiver’s powers and responsibilities are defined by the order of appointment.

A Receiver is commonly appointed to:

• enforce the collection of child and spousal support;

• administer and market real property;

• operate a business;

• collect on a judgment;

• recover fraudulently conveyed property;

• partition an interest in property or a business;

• stay foreclosure or a tax forfeiture of real property;

• liquidate pension and retirement plans (with the tax and penalty paid by the support payer);

• establish an annuity to fund future support obligations; and redeem a workers compensation claim.