Attorneys Equipped To Manage Litigation And Receivership Matters
The threat of litigation is a very serious matter for business owners in Georgia that needs to be taken seriously and addressed quickly in order to avoid costly negative consequences. While most business owners assume this means seeking quality legal counsel — which it most certainly does — it also means considering what may be impacted by litigation such as property or assets — both before and after matters are resolved — and taking the necessary steps to ensure it’s protected throughout the process.
Since 2001, business owners in the Atlanta metro and surrounding areas have turned to the attorneys at Jones & Walden, LLC, to handle complex business law matters related to the litigation process. We understand that property and assets could be at stake because of litigation, which is why we provide high-quality legal counsel on the use of receiverships while resolving business disputes.
Understanding Receiverships And Their Use
When property, including a company’s business assets, is involved in litigation, a court may place the property in receivership to safeguard it until the dispute is resolved. A receiver is appointed by the court to take possession and secure the property and manage it as a custodian. In many instances, a receiver is directed by the court to operate a business and preserve its assets to prevent further injury to the interested parties.
Receiverships are often the result of mismanagement or alleged mismanagement by the company’s existing officers whose continued presence poses a potential threat to the business. Receiverships are often considered to be an extraordinary remedy that is used when necessary to preserve the parties’ rights to the property at issue.
Types Of Receiverships
There are two main types of receiverships used by the courts in litigation matters:
- General receiverships — A receiver controls all assets and property owned by the business in the same way in which the business owners would in terms of either selling a portion of or liquidating all assets to pay off creditors.
- Special or limited receivership — A receive controls only a portion of assets of which they are allowed to sell or liquidate to pay back creditors.
Our attorneys have successfully opposed receiverships in cases and obtained the relief in others. If you are facing the issue on either side, it is crucial that you contact an attorney at the earliest possible opportunity.
Bankruptcy And Receiverships
Receiverships are not uncommon in commercial bankruptcy cases either, sometimes leaving business owners struggling to find help understanding their bankruptcy options as well as how the receivership process will affect their financial situation.
At Jones & Walden, LLC, our diverse legal backgrounds include extensive bankruptcy law and business law experience. We know how receiverships and bankruptcies tie together and can guide you through both processes efficiently and effectively.
We Can Protect Your Best Interests
Whether you’re in the throes of litigation or believe situations could escalate to litigation shortly, our attorneys are ready and able to assist you. We understand what’s at stake and the consequences of not following a receivership’s orders. We will make sure you are making the right legal decisions for your situation and can handle any business-related issues that should arise.