RECEIVERSHIPS

Receiverships are an effective tool that can be used to reduce litigation costs and help solve business disputes.  In Illinois, courts have the power to step in to appoint an independent third party (a Receiver) to help run a business if there are operational issues. Typically the Receiver will approve financial decisions made on behalf of the business.

For the past decade, GKWW’s receivership attorneys like Thomas Gardiner, Michelle LaGrotta and Shannon Condon have been working hand-in-hand with both individuals and businesses on a daily basis to help keep entities afloat in various receivership cases.

GKWW has acted as attorney for receivers in a vast variety of matters – from funeral homes to car dealerships to large commercial laundries and real estate ventures. Our expansive experience in contracts, negotiations, real estate, and shareholder disputes enables us to navigate the most complex receiverships.

Because of our experience, judges frequently appoint us as counsel in receivership matters.

In addition to providing a means to keep a business going while disputes are worked out among the owners, receiverships can also be used to help business avoid bankruptcy if they are facing financial difficulties.   In Illinois, State Courts can appoint a liquidating receiver who will gather the assets of the business, provide notice to all creditors, and then liquidate the business while avoiding the bankruptcy process. Courts may also appoint a non-liquidating receiver to help a business traverse financial struggles.

GKWW’s receivership attorneys are also skilled in representing claimants and defendants in receivership actions brought by others, including federal agencies such as the SEC. There are also options short of appointing a Receiver that courts and litigants can explore, including the appointment of a  Facilitator or a Master in Discovery.

Any individual or business owner considering or facing a receivership action should seek advice of competent attorneys before proceeding. GKWW attorneys Thomas Gardiner, Michelle LaGrotta, and Shannon Condon have significant amounts of experience with receiverships and they are ready to answer your questions.