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Key serves as a receiver for distressed properties headed for court-supervised liquidation. Receiverships maximize returns by preventing waste and abuse and by preserving property values. Receiverships also reduce the lag time between taking ownership and selling a collateral asset.

Key has served as a court-appointed receiver for industrial, commercial, and multi-family properties. Key’s recent receiverships include a 60-acre RV manufacturer in Indiana, a building supply store in Illinois, and an 85-unit multifamily housing project in Ohio.

Why Receivership
Receivership management can greatly reduce the lag time between taking ownership and selling a collateral asset. Using the foreclosure time to prevent waste and to maintain, preserve and possibly improve a property also increases the chances of maximizing returns on the property, and minimizing risks connected with unpaid bills, liens, tenant abuse or ownership misuse of revenue.

Services
  • Possession and preservation of the asset
  • Full review of all contractual services
  • Management of all day-to-day operations
  • Proactive management to establish the confidence of tenants and others
  • Solicitation and management of contractors, vendors and other third party agreements
  • Authorization, control and payment of payables
  • Recommendations for deferred maintenance, extraordinary maintenance, and capital improvements
  • Monthly income and expense accounting
  • Reports tailored to the needs of the court and secured creditors
  • Asset disposition and real estate brokerage