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Receivership reforms, part four: Borrowing from the Bankruptcy Code

David Warfield September 18, 2013

Bankruptcy cases frequently take too long and are too expensive, thereby delaying and reducing recoveries to creditors. By borrowing the best parts of the Bankruptcy Code and avoiding some of its more litigious parts, a new receivership statute will, in certain types of cases, permit a more efficient redeployment of distressed corporate assets to productive uses. READ MORE

Receivership reforms, part three: Creditors’ rights and priority of claims

David Warfield September 17, 2013

A receivership can affect the rights of many others who are not parties to the litigation, such as employees, creditors, and business partners. Although some old cases, recognize the ability of creditors to file claims against receiverships, there is no uniform procedure to account for the claims of creditors and otherwise protect the rights of non-parties. READ MORE

Receivership reforms, part two: Establishing and empowering receivers

David Warfield September 16, 2013

Many modern statutes recognize two basic types of receiverships. The first, called a “limited” or “custodial” receivership is one where the receiver is appointed to hold specific identified property pending a more complete resolution of the respective parties’ rights in the property. The second, called a “general” receivership, involves all assets of the entity with the stated purpose of selling or liquidating the entity. READ MORE

Why Missouri’s receivership law is due for reform

David Warfield September 13, 2013

Missouri receivership law, however, is largely unchanged from the 19th Century and is simply inadequate in several respects to address all the issues raised by the liquidation of a modern business. A few states around the country have recently updated their own receivership laws, and Missouri should follow suit. READ MORE