Bar Bulletin

Bar Bulletin

Receivership: Persevering through Adversity with a Strong Bankruptcy Alternative

April 2021 Bar Bulletin

By William F. Malaier, Jr. and Karen Sutherland

Independent Asset Management and Protection

Receivership in Washington is typically faster, less contentious, and less costly than a chapter 11 bankruptcy proceeding. Receivership provides professional asset management, protection, and disposition. A receiver is a court appointed advocate for the interests of creditors and equity holders, who will often recover more through a receivership than through a chapter 11 restructuring.

Although a state court receivership has many similarities to a chapter 11 case, the receiver is independent from former management, and serves as an officer and agent of the Superior Court. In contrast, existing management typically remains...

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