Receivership and Workout Services
A veteran Receiver experienced in all property types
Civic Asset Management has been a court-appointed receiver on 1.1 million square feet of office and industrial space, and 1,900 apartments and 1200 units of mini storage. This means that we have the know-how and connections to quickly bring resources into place to preserve the court-appointed property, whether it’s a multi-family property or commercial office building. We bring a full team of professionals to take over the operation of the property from day one, making the transition for tenants seamless.
Our experience means we fully understand the “Prudent Man” rule in the Standards of Care for Receivers, which dictates the responsibilities and the importance of maintaining and preserving the value of the asset. We’re experienced at:
- Filing orders to show cause
- Seizing and inspecting records of the trustor and ‘related entities’.
- Compelling the trustor, or management company, to turn over security deposits
- Controlling cash flow and expenses
- Preserving and maintaining occupancy, as well as commencing lease-up
- Protecting the property against physical waste
- Pressuring the borrowers to comply
- Gaining valuable knowledge about the property and its operations.
- Preparing the plaintiff lender for ownership
- Preparing the plaintiff for a potential bankruptcy
- Disposing of the property through the receivership estate
If you would like more information on receiverships, please call us at 480-264-0668.