The Growing Use of Receiverships and Assignments for Benefit of Creditors
Posted By Sherwood Partners/ Tuesday, October 3, 2017

The Growing Use of Receiverships and Assignments for Benefit of Creditors

The new receivership and assignment for benefit of creditors statutes took effect in 2012. See Minn. Stat. §§ 576 and 577. The statutes codified existing common law and best practices, and provided a comprehensive reference point for practitioners and judges. See e.g. Minn. Stat. § 576.22(d). It was anticipated that the receivership and ABC law would become more accessible and usable. While concrete statistics are not available, receiverships and ABCs appear to be used with greater frequency.

The party commencing an action in Minnesota is directed to ascribe a “type” to the action, which includes receivership. Those fields, however, are not searchable—at least by parties outside of the court administrator’s office. A broader search of Hennepin and Ramsey County records reveal that over the past year approximately 20 cases have been commenced seeking appointment of a receiver or the commencement of an ABC.

Read the complete article on the Lexology website.

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