Protecting Your Financial Investments
We understand the stress involved in managing loan-related disputes and the potential impact it may have on your affairs. If a company owes you money and you hold a perfected security interest against them, our team of Licensed Insolvency Trustees (LITs) have the experience as receivers to support you in recovering and realizing your security.
Looking Beyond the Numbers
Our Licensed Insolvency Trustees approach receivership with an entrepreneurial mindset. We have been involved in the realization of all types and manner of assets. We are capable of quickly orchestrating an effective marketing and sale process to ensure that the assets subject to your security are properly advertised to prospective purchasers in order to maximize their value under difficult circumstances.
How Receivership Works
A Receiver will be appointed either privately, acting as an agent for the secured lender, or by the court. Court-appointed receivers are officers of the court, acting on behalf of all creditors regardless of who initiated the proceeding. The powers and rights of a court-appointed receiver are outlined in the court order appointing them.
Whether court or privately appointed, our duty is typically to take possession, market for sale, and realize and distribute the net proceeds of all the assets that are the subject of the secured creditors’ security. In the event there may be value in continuing the operations and selling the assets and operations of the business as a going concern, a secured creditor may consider the appointment of a Receiver-Manager.
Receivership can also be useful if you are involved in a shareholder dispute. A receiver can perform operations, complete projects, liquidate assets or sell a business.
Interim receivership is a remedy available under the Bankruptcy and Insolvency Act to protect the assets of a company undergoing a formal insolvency process. Crowe MacKay & Company’s Licensed Insolvency Trustees have been appointed interim receivers to carry out duties and roles such as:
Monitoring and controlling assets and disbursements
Disposing of depreciating property
Taking conservatory measures
An interim receiver is appointed temporarily and cannot manage or execute the debtor’s day-to-day operations.
To appoint an interim receiver, the petitioning creditor must provide evidence to the court that the debtor’s assets are in jeopardy and the appointment is necessary for the protection and preservation of the estate.
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