State court receiverships are becoming an increasingly popular alternative to bankruptcy in Washington State.
Receiverships generally cost less and are largely administered by the parties, their attorneys, and an experienced Receiver; rather than by the Bankruptcy Court and a Bankruptcy Trustee. This gives the parties greater control over the case and often times costs less.
Our firm is experienced with all aspects of receivership law. In fact, both Todd Tracy and Steven Reilly are on the Receivership Taskforce of the Washington State Bar Association’s Debtor/Creditor Section, which analyzes existing receivership practice and jurisprudence and makes recommendations to the Washington State Legislature about how the Washington State Receivership Act, RCW 7.60, et al, can be improved.
Our attorneys have acted as Receiver, Receiver’s counsel, creditor’s counsel, and have advised boards of directors of companies that have been placed in receivership. Our firm also regularly prepares the documents necessary to initiate a receivership and advises other attorneys about receivership law.
With our knowledge of receiverships, bankruptcy, and out-of-court workouts, our firm is in a unique position to advise you regarding your best strategies to tackle situations involving involve financial distress.