Receivership, ABC, Bankruptcy, & Auctions

The Illinois Receiver has the irreplaceable expertise necessary to handle variety of distressed situations including, receivership of mortgaged real estate, defaulted new construction projects, non-performing loans, monetary and non-monetary defaults, workouts, mortgagees-in-possession, turnaround transactions, property management, leasing, liquidation, redevelopment, judicial and non-judicial foreclosures, deeds in lieu, REO, ABC, and bankruptcies.

Receiver Services

Short notices, bruised egos of borrowers, and quickly shifting circumstances are just some of the aspects of receivership.  A receiver is appointed by a court to receive, manage, and preserve a disputed property which is the subject matter of a court case, pending final disposition of the lawsuit, or an endangered property for the benefit of those who are entitled to it.  Illinois Receiver’s role is to protect the property value and the cash flow it generates on behalf of the court while preparing for the possible sale, foreclosure, or redemption.

Preparation: The Illinois Receiver has the ability to bring together the people and resources needed with in a few days' notice to assume management of an asset.  The Illinois Receiver possesses internal systems dedicated to receiverships, and is able to define a situation quickly when engaged in a receivership. 

Takeover Team:  Immediately following the appointment the Illinois Receiver holds a takeover meeting to discuss the court appointment.  He assesses the situation, reviews possibilities, identifies necessary steps, and assigns responsibilities.  The takeover team includes all necessary specialists in site management, maintenance, law, and accounting.  Together, they develop a business plan, written materials, notices, and checklist of things to do. On the day we assume management of a subject property, we first assesses the safety of the property, identifies waste, employs administration procedures, and notifies tenants.    Once the Receiver’s Bond is approved the team is ready to proceed to the property immediately and assume the management. Every effort is made to ensure the transition from the previous management to the Illinois Receiver is as orderly as possible and that tenant’s day to day needs are met. 

Property Management System:  The Illinois Receiver delegates the accounting duties such as account receivable/payable and bank reconciliation to Sol Property Management LLC:

• Together we develop and implement the Property Management System

• Together we stabilize property’s operations and ensure tenant retention

• Together we oversee and direct the on-site Property Management Team

• Together we create and execute the marketing and leasing strategies

• Together we assist in the implementation of the Property Disposition

Benefits of Appointing a Receiver:  The Illinois Receiver limits liability and provides the daily management and operations activities required to produce income from the asset.  The Illinois Receiver conducts his services without disrupting tenants, vendors, or clients, as well as, protects the value of the asset through the proper and continued management.

The Illinois Receiver will secure the cash flow and stabilize finances of the asset.  Injuries, employee relations, labor laws, tenant disputes, they all are resolved by the Illinois Receiver, so the parties are protected from the liability. The Illinois Receiver creates a safety buffer and serves to enhance the value of the asset.  The Illinois Receiver recognizes that time is money and will take every necessary measure to ensure the transition is handled professionally and efficiently with a focus on cash flow and value maximization.

Asking the court to appoint Arthur R. van der Vant - Illinois Receiver will help to encourage cooperation from the borrower and it will save time and money.  It will allow the parties to focus on their business and instead of managing troubled asset successfully resolve the underling case.  Ask the court to appoint Arthur R. van der Vant - the Illinois Receiver as a receiver in your next case. 

Bankruptcy & ABC Services

The Illinois Receiver has a broad expertise in providing comprehensive range of services in situations involving financially troubled assets in bankruptcy and Assignments for Benefit of Creditors.  He works with both debtors and creditors in a variety of circumstance, or with the bankruptcy trustee, or assignee, assisting with liquidation of the assets.  Mr. van der Vant’s services include consulting with owners on how best to maximize their value.  Assisting in creating strategic plans for restructuring, recapitalization, or monetization.  Counseling regarding assignments for the benefit of creditors, acquisitions, dispositions, and liquidations. 

Auction Services

The Illinois Receiver holds an Illinois Auctioneer’s License issued by the Illinois Department of Financial and Professional Regulation and has extensive expertise in liquidation.  He offers clients the maximum results at the lowest cost.  When engaged, what sets him apart from other auctioneers is the way he does business.  While some auctioneers sell real estate and pans and pots, the Illinois Receiver has been engaged in turnaround management and liquidation for many years and his interdisciplinary approach that enables him to skillfully and efficiently deal with even the most complicated issues facing clients.