Have you ever given much thought to receiverships in business wind-downs.
I became somewhat interested in these provisions while thinking about receiverships. the BOC has special provisions regarding receiverships and where a business has gotten in trouble and must be wound down, that may be a better alternative than bankruptcy. Winding it up may require some time to do so in the best interest of both the owner and the creditors as opposed to a Chapter 7 bankruptcy.
This receivership may only be done as authorized in the BOC:
§ 11.401. Code Governs
A receiver may be appointed for a domestic entity or for a domestic entity’s property or business only as provided for and on the conditions set forth in this code.
