Media Mentions

J. Smiley Discusses Receiverships with the Denver Business Journal

09.10.13

The Denver Business Journal article, “Receivership an alternative for struggling companies,” examines the option of receiverships, rather than bankruptcy, for struggling companies. A receivership is a process whereby a court appoints a person called a receiver to manage or sell the property of a financially troubled business or person to preserve its value for creditors. The receiver isn’t a party in a lawsuit, but an extension of the court’s and the judge’s authority. Many businesses prefer receivership to bankruptcy because receivers don’t have as many regulations to deal with as bankruptcy trustees.

But some states want to exert more control over how receivers are appointed and what they can do, according to John “J.” Smiley, partner and commercial litigation attorney in Lindquist & Vennum’s Denver office. Minnesota, Florida and California have, or are considering, statutes that provide clearer rules and procedures for receivers. “The idea is to eliminate uncertainty,” Smiley said.

Read the article.

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