Oregon

 


A general receiver appointed to liquidate and wind up affairs shall under the direction of the court, give notice to the creditors of the corporation, of the partnership or association, or of the individual, in such manner as the court may direct, requiring such creditors to file their claims, duly verified, with the receiver, the receiver’s attorney, or the clerk of the court, within such time as the court directs. Required notices include:


  • notice to creditors filing claims with the receiver,
  • all persons making contracts with the receiver,
  • all persons having known claims against the receiver,
  • all persons actually or constructively known to be claiming any interest in receivership property,
  • all persons against whom the receiver asserts claims shall receive notice of any proposed action by the court affecting their rights

In addition, special notices may be required for any person interested in the receivership as a party, creditor, or otherwise, may serve upon the receiver (or upon the attorney for such receiver) and file with the clerk a written request stating that such person desires special notice of any and all of the following named steps in the administration of the receivership: (a) filing of motions for sales, leases, or mortgages of any property in the receivership; (b) filing of accounts; (c) filing of motions for removal or discharge of the receiver; and (d) such other matters as are officially requested and approved by the court. A request shall state the post-office address of the person, or such person’s attorney. Any notice required by this section shall be served in the manner provided in Rule 9, at least five days before the hearing on any of the matters above described, unless a different period is fixed by order of the court.


A receivership may be terminated only upon motion served with at least 10 days’ notice upon all parties who have appeared in the proceeding. The court may require that a final account and report be filed and served, and may provide for the filing of written objections to such account within a specified time. At the hearing on the motion to terminate, the court shall hear all objections to the final account and shall take such evidence as is appropriate, and shall make such orders as are just concerning the termination of the receivership, including all necessary orders on the fees and costs of the receivership.


For more information, see the Oregon Rules of Civil Procedure at:
http://www.leg.state.or.us/ors/orcpors.htm

Basis for Appointment of a Receiver


The broadest, but by no means only, Oregon statute addressing the appointment of receivers is found in the Oregon Code of Civil Procedures Section 80.


The statute defines a receiver as a person appointed by a circuit court, or judge thereof, to take charge of property during the pendency of a civil action or upon a judgment or order therein, and to manage and dispose of it as the court may direct.


A receiver may be appointed:


  • to provisionally protect property,
  • effectuate judgment,
  • to dispose of property, to preserve during appeal or when execution unsatisfied,
  • in an action brought by a creditor,
  • at the instance of an attaching creditor,
  • to protect, preserve, or restrain property subject to execution,
  • when a corporation or cooperative association has been dissolved, or is insolvent, or in imminent danger of insolvency, or has forfeited its corporate rights,
  • when a corporation or cooperative association has been dissolved or is insolvent or in imminent danger of insolvency and it is necessary to protect the property of the corporation or cooperative association, or to conserve or protect the interests of the stockholders or creditors

Every order or judgment appointing a receiver:


  • shall contain a reasonable description of the property included in the receivership
  • shall fix the time within which the receiver shall file a report setting forth (a) the property of the debtor in greater detail, (b) the interests in and claims against it, and (c) its income-producing capacity and recommendations as to the best method of realizing its value for the benefit of those entitled
  • shall, when a general receiver is appointed to liquidate and wind up affairs, set a time within which creditors and claimants shall file their claims or be barred
  • may require periodic reports from the receiver.