Receiverships

Lahni has served as a State Court Appointed Receivers in Ohio, Kentucky and Indiana.  Lahni Consulting has been involved in 95 receiverships in the last 12 years in 22 counties in 3 states.  A Receivership is the fastest and most economical way for a plaintiff to recover funds from distressed collateral and environmentally challenged distressed collateral.  The Plaintiff never enters the "Chain of Title" in a receivership.  Every Plaintiff should consider a "Receivership" before accepting a "Deed in lieu of" a "Short Sale" a "Sheriff's Sale" a "Master Commissioner Sale in Kentucky" or a "Bank Sponsored Auction with the Debtor".  The receiver steps into the shoes of the owner and with a court receivership order and a court sales order has the ability to sell the distressed collateral in the name of the owner, with the benefits of selling the collateral, free, clear and unencumbered and the creditors are paid out, based on their priority and the amount of net funds recovered. The receivership allows public or private sales which maximizes the recovery. The receiver works as an officer of the court and their job is to maximize the recovery for all creditors, secured and unsecured as their priority interest exists.

Requesting the court to appoint Peter M. Lahni, from Lahni Consulting LLC as receiver resolves your management of the collateral through closing.  The receiver has the authority to hire a real estate broker and property manager, plus other professionals as required.  The receiver will communicate with the plaintiff to determine if there are any professionals that they would like the receiver to interview for broker or property manager's position.  The receiver is under no obligation to hire these professionals but will give them consideration.  The receiver works for the court and must be able to justify to the court if an objection is filed as to the hiring of the professionals.

The receiver negotiates the sale of all collateral and/or leasing of the real estate or extension of the lease with their retained professionals.  The receiver will communicate with the plaintiff or their representative on all contracts unless a range of "no objection" is given to the receiver.  Once a contract is signed by the receiver with a "no objection" from the plaintiff, the receivers' counsel will file a motion to approve the sale that includes a copy of the contract, legal description and an affidavit of marketing and value from the receiver.  Once the contract is approved by the court, a closing is set for 31 days after the sales order is signed.  The buyer can close immediately if their title company will insure the title before the appeal process runs out.  In the contract, the receiver sells the collateral or leases the collateral "as is, where is" subject to court approval and plaintiff's "no objection" with a minimal inspection and financing contingency.  The real property is conveyed by a "Receiver's Deed" which is insurable by all title companies that understand receiverships.  Personal Property is conveyed by a Bill of Sale signed by the receiver.  The Personal Property is included in the approved sales order.

The receiver is in charge of the collateral until it is sold, closed and funds distributed to the plaintiff and other creditors as their priority exists.  Once the sale is confirmed with the court, the receiver will file their final operating report showing that all cash has been distributed.  Receiver's counsel will file a motion to terminate the receivership, cancel the receiver's bond as the final legal activity for the receivership.