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What is receivership?
Receivership is a state court remedy similar to bankruptcy. A receiver is appointed by a superior court judge and operates pursuant to an order issued by the court. Generally, a receivership occurs when there is a dispute between shareholders or principals, or when a creditor is trying to preserve the assets of a debtor. The receiver takes over operational control of the corporate entity. Depending upon the nature of the business dispute and the terms of the court order, the receiver either operates the entity or winds it down in an orderly fashion while seeking to maximize preservation of the assets of the corporate entity.
This information applies to All Counties in North Carolina.