(2) In criminal law, the term « recipient » may refer to a person who commits the crime of receiving stolen property even if he or she knows that it was acquired illegally. For example, Section 496 of the California Penal Code provides for a maximum prison sentence of one year for « any person who purchases or receives property stolen or obtained in a manner that constitutes theft or extortion, and knows that the property is to be stolen or obtained in that manner. » In ruling on a conviction for this crime, the California Court of Appeals in People v. Bussey stated that « the differential treatment between petty thieves and recipients of stolen property [under section 496 of the Criminal Code] is easy to rationalize. » Under the laws of various states, receivers have been appointed in divorce, trustee or mortgage proceedings, and in proceedings for the dissolution of a corporation, the settlement of partnership funds, or the debt of a creditor. The appointment of an insolvency practitioner is warranted if the disputed assets are allowed to expire to the extent that emergency remedies are required and if there is reason to believe that the assets will be sold, wasted, taken away from the State, abused or destroyed if the court does not act to preserve them. A receiver may also be appointed in situations where it appears that no person legally entitled to manage certain property is present or no mentally competent adult is authorized to hold it. A receiver is sometimes appointed to preserve property in a dispute between two parties who appear to have an equal right to use the property, but are unwilling to recognize each other`s interests. In law, receivership is a situation in which an entity or corporation is owned by an insolvency practitioner – a person who is « entrusted with the property of others, including tangible and intangible assets and rights » – particularly in cases where a business is unable to meet its financial obligations and is considered insolvent. [1] The bankruptcy remedy is a fair remedy that has been introduced in the English registration courts, where trustees have been appointed to protect real estate. [2] Receivership is also a last resort in disputes over the conduct of executive agencies that fail to meet constitutional or legal obligations to populations that depend on these agencies for their basic human rights. Parliament expects businesses and creditors to prefer administration to administration. Crucially, however, Parliament had recognized in the Insolvency Act that administrative receivership should take precedence, i.e.

a secured creditor with varying burdens could nullify any attempt to establish an administration by appointing an administrative receiver. As a result, the administration was not as popular as legislators had imagined, and secured creditors usually appointed administrative insolvency administrators to enforce security rights. Parliament took more drastic measures with the Companies Act 2002. They changed the management system to make it more attractive, but also prohibited the right to appoint directors for all securities created after 15 September 2003 (subject to certain specific exceptions). Any attempt to do so will take effect as the power to appoint a director. A court-appointed insolvency practitioner is a neutral third party who works on behalf of the company and its creditors to enter into mutually beneficial agreements. By contacting a neutral insolvency administrator, it is more likely that the company and its creditors will reach a favourable agreement in less time than in insolvency proceedings. Because the bankruptcy administration process begins quickly, many employees are caught off guard by changes in the business, such as involuntary layoffs and benefit or salary cuts.

Insolvency administrators may be appointed in a variety of contexts, and state laws generally specify the situations in which a party may seek receivership. For example, Section 564 of the California Code of Civil Procedure sets out scenarios and requirements for when a court may appoint a receiver. It was once the most popular method of enforcement by secured creditors, but recent legislative reform in many countries has significantly reduced its importance in some countries. [19] An insolvency practitioner is a person appointed as the custodian of the property, finances, general assets or business of a person or entity. Beneficiaries may be appointed by courts, state regulators or private entities. Beneficiaries try to realize and secure assets and manage business to pay their debts. For businesses, beneficiaries seek to maximize profits and assets and cease operations or sell all or part of the business. When an insolvency practitioner is appointed, a corporation is referred to as « receivership ».

Similar to the proceedings in the United Kingdom, the methods of appointing insolvency practitioners in Ireland are as follows: court-appointed insolvency practitioners are officials of the appointing court; They do not act as trustees for creditors (i.e., they protect the interests of those to whom money is owed) as debtors and trustees do in bankruptcy cases. Insolvency-related receiverships are divided into two other categories: administrative administration/capital administration, where the insolvency practitioner is given extensive administrative powers over all or most of a company`s assets, and other receiverships (sometimes erroneously referred to as fixed-fee receiverships), where the insolvency practitioner has limited control over certain assets; and has no broader powers beyond the management or sale of the individual asset. The application for appointment of an insolvency administrator is often made by a creditor. It can be fraud or collusion for a debtor if a friendly creditor appoints a person chosen by the debtor. As a general rule, an insolvency practitioner should be appointed only if all interested parties are informed and a hearing is held at which a judge decides on the merits of the case. However, if there is good evidence that an emergency has occurred, a judge may allow the application for receivership and hold a hearing as soon as possible. The ultimate purpose of receivership is to enable the court, to the extent possible, to obtain full justice between the parties before it, including the preservation and proper resolution of the subject matter of the dispute. This objective includes the full protection of the parties` rights in the assets pending a final decision on the issues, and it is essentially a question of whether the appointment of an insolvency practitioner would serve any purpose.