Receivership services
Have you ever heard this term? You may have in the past several months with the shift in the economy and the rise in foreclosed and defunct properties.
In these uncertain economic times, especially in Michigan, Lenders often find themselves in a position where the appointment of a Receiver is either necessary to preserve the present "value" of floundering financial investment or an absolute to keep a investment up and running, while trying to both protect the assets and improve upon and prepare for potential sale. This practice is becoming more common place to protect the lenders collateral.
In the unfortunate event that a project funded by a mortgage company or bank has exhausted all efforts and should fail, it may be necessary to completely remove the borrower's control; review and implement sound business practices and improve upon business operations. A Court Appointed Receiver is able to alleviate the lender of the day to day operations nightmares of keeping the business up and running. The Receiver will review all operations and procedures, recommend improvements or changes and protect the value of the lenders interest. The lender is consistently kept apprised of the key elements of the investment.
Just a few things a Receiver would do:
REVIEW:
- operations
- accounting
- budget and expenditures
- maintenance needs and issues
- marketing plans
- personnel and contractor relations
- legal documents relating to real estate and/or association
PROPOSE:
- operation adjustments
- working budget
- additional or revised maintenance needs and issues
- working marketing plan
- personnel and contractor changes, additions or dismissals
- legal and accounting needs
EXECUTE:
- oversight and guidance for proposed operations
- bookkeeping, legal and accounting services
- approved budget
- timely and detailed reporting to investor(s)
- market and sell to re-coup investor(s) interest
- launch newly revised, operational development
A Receiver is a very important aspect in maintaining the integrity of the business operation.
Need more information? Contact Denny Heck (231) 313-7244.