Receiverships and Business Insolvency
Strip, Hoppers, Leithart, McGrath & Terlecky has developed a unique niche in the area of receiverships. When a business needs to be wound down and liquidated, or a creditor needs to preserve the assets of a business, the state court remedy of appointing a receiver is a common way to go. Our firm has a strong reputation both in acting as receivers and representing receivers. Sometimes this is referred to as a state court bankruptcy. The procedure is faster and less complex than the federal procedure.
Our firm works tirelessly to take possession of, protect and preserve business property throughout the course of the receivership. We work to create income potential for the business, or if there is a wind-down of the organization, to obtain the best price for the assets. Receiverships can serve as a viable alternative to Chapter 11 bankruptcy, and our firm is the preeminent resource for receivership actions.
Having worked with numerous business owners and business operators, our firm’s expertise in business law, litigation, and bankruptcy has allowed us to successfully serve as general counsel in various high-profile receiverships. Our lawyers are familiar with the limited written law regarding receiverships, the various approaches to receiverships, the unique procedural rules and how to preserve and protect the interests of all parties cost-effectively in different counties in Ohio.
