Partnership Disputes Receiver
Our Court-Appointed Receivers for Partnership Disputes are Ready to Assist
Whether it's a breach of fiduciary duty or allegations of fraudulent transfers, our seasoned receivers, specializing in partnership disputes, possess a wealth of experience in handling conflicts within LLCs, partnerships, and corporations.
Here’s how a partnership dispute receiver can help you:
In America, the appointment of LLC or partnership receiverships is governed by Code of Civil Procedure Section 564. When appointed as an equity receiver, assuming control of 100% of the receivership entities, the receiver steps into the shoes of the manager. They are entrusted with making all decisions concerning the operations and assets of the LLC or partnership, strictly in accordance with court orders.
The specific responsibilities of the receiver are outlined in the court's appointment order. Typically, the receiver's primary objective is to maintain the status quo among the involved parties while the underlying litigation proceeds. Acting as an impartial representative of the court, the receiver works in the best interest of all stakeholders, including creditors. Notably, the court holds the assets through the receiver, rather than the parties themselves.
Ted Lanes offers receivership services tailored to meet the specific needs of lenders, attorneys, investors, government agencies, and city attorneys, ensuring effective solutions for their, distinct, situations.
(a) Civil Code Procedure Section 664 outlines the statutory criteria that justify the appointment of a receiver in the following situations:
(b) The court where an action or proceeding is underway, or a judge from that court, has the authority to appoint a receiver under the following circumstances:
(1) In the event of an action brought forward by a seller seeking to void a fraudulent property purchase, a creditor aiming to assert a claim against a particular property or fund, or in cases involving disputes among partners or co-owners with shared interests in a property or fund, the plaintiff or any party with a likely stake in the property, fund, or its proceeds may request the appointment of a receiver. This request is made when there is a demonstrated risk that the property or fund is at risk of being lost, relocated, or substantially harmed.
(2) In cases where a secured lender initiates an action for the foreclosure of a deed of trust or mortgage, along with the sale of the property encumbered by such a lien, and it becomes evident that the property faces a substantial risk of being lost, relocated, or materially harmed, or when the terms of the deed of trust or mortgage have not been fulfilled, and the property is likely insufficient to settle the debt arising from the deed of trust or mortgage.
(3) After judgment, to carry the judgment into effect.
(4) Following a judgment, a receiver may be appointed to carry out the judgment's provisions, safeguard assets during an ongoing appeal, or in accordance with the Enforcement of Judgments Law (Title 9, commencing with Section 680.010). Additionally, after the sale of real property due to a foreclosure decree, during the redemption period, a receiver may be appointed to manage, collect, expend, and distribute rents as specified by the court or as mandated by applicable laws.
(5) When a corporation has been dissolved, as outlined in Section 565.
(6) In situations where a corporation is insolvent, on the brink of insolvency, or has forfeited its corporate privileges.
(7) In cases involving unlawful detainer actions.
(8) Upon the request of the Public Utilities Commission, pursuant to Section 1825 or 1826 of the Public Utilities Code.
(9) In all other situations where it becomes essential to safeguard the property or rights of any involved party.
(10) Upon the request of the Office of Statewide Health Planning and Development or the Attorney General, as per Section 129173 of the Health and Safety Code.
(11) In legal actions initiated by a secured lender seeking specific performance of an assignment of rents provision found in a deed of trust, mortgage, or a separate assignment document. The appointment may be extended even after a judgment for specific performance has been issued, if deemed necessary for the protection, operation, or maintenance of real property encumbered by a deed of trust or mortgage, or for the collection of rents from such property, while a pending nonjudicial foreclosure under the power of sale in a deed of trust or mortgage is being carried out.
(12) In cases filed by an assignee under an assignment of leases, rents, issues, or profits pursuant to subdivision (g) of Section 2938 of the Civil Code.
Get in Touch with a Partnership Dispute Receiver in America Today
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Who Benefits from a Court-Appointed Partnership Dispute Receiver?
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• Who Benefits from a Court-Appointed Partnership Dispute Receiver? •
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Lender
The services of a receiver may be necessary for defaulted real estate or business loans, issues related to collateral and inventory, as well as situations involving contaminated properties.
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Attorney
Corporate, partnership, creditor rights, bankruptcy, and transactional attorneys frequently engage the services of court-appointed receivers.
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Defrauded Investor / Consumer
If you're an investor or consumer who has fallen victim to fraud, various government agencies may offer assistance in investigating such allegations.
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Government Agency
State and federal governmental agencies appoint receivers in cases related to criminal restitution, violations of health and safety codes, instances of investor and consumer fraud, as well as other regulatory issues that necessitate the appointment of a receiver.
When is the appointment of a partnership dispute receiver necessary?
The appointment of a partnership dispute receiver can arise in various situations connected to partnership disputes. These circumstances may include allegations that one partner has assumed control of the partnership without the consent or election of other partners or members, a failure to provide regular accounting of the partnership's income and expenses as mandated by the partnership agreement, deadlock in decision-making due to a voting impasse, instances of one partner engaging in self-dealing to the detriment of other partners, or the transfer of partnership assets in a manner contrary to the provisions of the operating agreement.