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.
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.
- 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