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Litigation takes time. During the course of
litigation, however, the world moves on: business functions
operate, receivables accrue, and bills become due. When
embroiled in litigation, the attention of the person or
group in charge of the operation of the business frequently
is diverted. Additionally, concern is raised that the
business is not operated in such a manner to adequately
safeguard assets and protect the financial interests of all
parties concerned until the litigation can be resolved. In
this case, the court can move to appoint an independent
custodian for the assets until resolution is reached.
When one accepts the responsibility assigned
by the Court, there's a lot more to it than simple property
management and collecting rents. The receiver must be
knowledgeable in the law and know when to wield the power
that goes along with the assignment. Having a clear
understanding of what's required of all parties - which is
the function of the Order - is imperative. |
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