A local receiver is an individual designated by a court or corporation to safeguard or gather property that is under litigation or belongs to a bankrupt entity. Their role involves overseeing the management of the assets of the estate being administered. In certain cases, they may be appointed in a specific region to assist a foreign receiver in collecting the assets of an insolvent corporation. The appointment of a local receiver typically occurs in the state where the property is situated or where a specific action is carried out. They may also be known as a general receiver or principal receiver.
A local receiver is a person designated by a court or corporation to safeguard or gather property that is the subject of various claims. They are appointed in the state where the property is situated or where an action is taken. For instance, a local receiver may be appointed to gather funds from a judgement debtor and transfer them to the creditor, typically when enforcing a judgement in any other way is challenging. Another example is an ancillary receiver appointed in a specific area to assist a foreign receiver in collecting the assets of an insolvent corporation or other entity. The role of a local receiver is to assist in the collection and management of assets of the estate being administered. They have the authority to act outside the state of appointment, file lawsuits in a foreign court, exercise broad powers of assignment, and handle all distributions.
A local receiver is a person or entity appointed by a court to manage and administer the assets or affairs of a company or individual within a specific jurisdiction.
A local receiver is typically appointed when there is a need to protect or preserve assets, manage ongoing operations, or facilitate the resolution of a legal dispute involving a company or individual.
A local receiver is usually appointed by a court, either upon the request of a party involved in a legal proceeding or at the court’s own discretion.
The responsibilities of a local receiver may vary depending on the specific circumstances, but generally include managing and safeguarding assets, collecting and distributing funds, overseeing operations, and complying with court orders.
The duration of a local receiver’s appointment is determined by the court and can vary depending on the complexity of the case. It may be for a specific period or until the court determines that the receiver’s services are no longer required.
Yes, a local receiver can be removed or replaced by the court if there are valid reasons to do so, such as misconduct, incompetence, or a change in circumstances that warrants a different receiver.
The compensation of a local receiver is typically determined by the court and may be based on various factors, including the complexity of the case, the receiver’s qualifications, and the time and effort required to fulfill their duties.
Yes, a local receiver may have the authority to sell assets if it is necessary to fulfill their duties or if authorized by the court. However, the sale of assets is subject to court approval and must be conducted in accordance with applicable laws and regulations.
The funds collected by a local receiver are typically used to satisfy the claims of creditors, pay administrative expenses, and distribute any remaining funds to the appropriate parties as determined by the court.
Yes, a local receiver can be held liable for their actions if they act negligently, fraudulently, or in violation of their duties. They are expected to act in the best interests of the parties involved and comply with applicable laws and court orders.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/local-receiver/
- Modern Language Association (MLA):Local Receiver. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/local-receiver/.
- Chicago Manual of Style (CMS):Local Receiver. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/local-receiver/ (accessed: May 09 2024).
- American Psychological Association (APA):Local Receiver. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/local-receiver/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts