Bill > HB0028

This bill creates the Illinois Receivership Act, establishing a comprehensive legal framework for court-appointed receivers who can take possession of, manage, and potentially sell or transfer property under court supervision. The act applies to real and personal property, business assets, corporations, and other entities, with some exceptions for residential properties and specific types of receiverships. The bill defines a receiver as a court-appointed agent who can collect, manage, protect, and potentially sell receivership property, with court approval for significant actions. It outlines detailed requirements for receiver qualifications, including disclosure of potential conflicts of interest and limitations on who can serve. The act provides a structured process for appointing receivers, including criteria for when a receiver may be necessary, such as protecting property from waste or managing businesses in deadlock. The receiver has specific duties, including maintaining records, giving notice to creditors, and seeking court guidance, while the property owner must cooperate by providing information and turning over relevant assets. The bill also establishes procedures for claim submissions, property distribution, and the termination of receivership, with provisions to protect the rights of creditors and the receiver. Importantly, the act includes safeguards such as requiring court approval for major decisions, mandating receiver bonds or alternative security, and providing mechanisms for challenging or terminating a receivership if circumstances change.

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https://www.ilga.gov/legislation/BillStatus.asp?DocNum=28&GAID=18&DocTypeID=HB&SessionID=114&GA=104