Things You Should Know About Receivership

Posted by Leonardo Bredman on December 2nd, 2020

If you have been searching for a reputed and dynamic Miami receivership attorney who can help you out win the court cases for receivership, you will first have to know a little bit about the term receivership. This article will help you know about all the basic information that is necessary for you to know.

What is a receivership?

When a person is sued in a particular court case, the court appoints a third party custodian to become the receiver. In cases, where the person has been accused against breaking some business ethics and laws, and the person has a business to his name, there are chances that the partners of the business will be handed over the receivership. This means that the receiver will have all the power within his capability to protect the business and the property where the company stands.

What are the duties of the receiver?

The duties of the receiver mainly includes taking over the legal matters related to the protection of the property and all the assets. The receiver also has to fill in the claims, properly distribute the assets between all the creditors, defrauded investors and claimants under the jurisdiction and command of the court.

The receiver is also responsible for managing the assets, liquidating the hidden assets, and account for all the various payments, bills and receipts. To save your assets, you may need to hire a specialist, a Miami receivership attorney who can help you retrieve your assets and even fight for your case.

What are the powers of the receiver?

 The court extends a list of authoritative power to the receiver and the receiver acts accordingly. This is the reason in every case there are different receivership powers granted to the third parties custodian. However, there are a few powers that are commonly given to the receiver. The power that is vested to the receiver is known as the equitable authority. Under this authority, the receiver is allowed to do everything within court orders and legal grounds to provide relief to the investors. They are given the responsibility to see that no unlawful activity is carried out to profit from the assets.

You can hire a Miami class action law firm so that they can keep a track of your assets and how are they being assessed. If you are being subjected to wrongful accusations, the lawyer can help you in defending your case. But you will need specifically look for a lawyer who has won previous cases related to receivership in order to win your case.