Receivership
Avoid Liquidation by Restructuring your Business

A secured creditor can appoint a Receiver or a Receiver / Manager in either of two ways:

By Private Appointment
Under a General Security Agreement (GSA), secured creditors usually have the right to appoint a Receiver or a Receiver Manager to secure the assets under the GSA when default has occurred. Once proper notice has been issued and the assets secured, they can be disposed of for the benefit of the secured creditor.

By Court Appointment
When appointed by The Court, the powers of the Receiver / Receiver-Manager are outlined under the appointment document. Court appointment is a more costly alternative to private appointment, but can grant greater powers to the Receiver such as the right to vest property.

Whether privately or court appointed, the Receiver has a duty to:

• Protect and preserve the assets.
• Take over management of the entity.
• Act in the best interest of the entity.
• Attend to PPSA and Bankruptcy and Insolvency Act required filings.

At C. E. Craig & Associates we have the knowledgeable staff to help you through the entire bankruptcy process. Business and corporate restructuring can be difficult and in many cases you need the added expertise that a Chartered Insolvency & Restructuring Professional can provide. C.E. Craig & Associates located in Victoria British Columbia has the experts to assist you through these difficult financial times!