receivership
40+ years of experience
Joseph S. Alhadeff is extremely well qualified to be appointed as the Receiver in any litigation, bank- or loan-related situation that involves real estate. A pragmatic, experienced problem solver, Joseph has demonstrated over the years his commitment to quickly finding logical solutions to complicated issues. His analyses and evaluations are clear and balanced, and his solutions are as advantageous to both parties as possible.
Generally, receiverships accrue from business disputes or real estate foreclosures. On occasion, Receivers are appointed to oversee assets in a divorce proceeding. In criminal proceedings in which assets (usually a business) are jeopardized, a judge will appoint a Receiver. In certain situations, impatient creditors can petition the court to establish a receivership.
Generally, businesses where there are questions about its management are candidates for receivership. Businesses where the concern is money or the lack of money, are better candidates for bankruptcy.
Receiverships provide more flexibility. They are governed by specific court orders in which the Court determines the Receiver’s duties. Each order is tailored to the company or property being placed into receivership and outlines the goals necessary before the receivership is wrapped up.
Usually, a Receiver is identified and recommended by the Plaintiff. The plaintiff’s goal is to find someone who is familiar with their business. Although lawyers are sometimes receivers, ongoing entities are sometimes better served by a Receiver with an entrepreneurial background, particularly someone who can step in and provide management or oversight of the entity, when necessary.
One of the frequently overlooked aspects of receivership is in alternative dispute resolution. Corporations, particularly closely-held corporations, can experience problems, such as deadlocks amongst shareholders or management problems that never seem to resolve themselves. In the right circumstances, the proper Receiver can provide stability to the operation and employees while the shareholders work out their issues.