New Receivership Rules, Macomb County Bar Journal, June 2104" title="New Receivership Rules, Macomb County Bar Journal, June 2104">

New Receivership Rules, Macomb County Bar Journal, June 2104

The Michigan Supreme Court recently adopted amendments to the Michigan Court Rules pertaining to receivership proceedings. The amendments to MCR 2.621 and MCR 2.622 became effective on May 1, 2014 and include important new provisions regarding the selection of a receiver; receivership orders; a receiver’s power to dispose of personal and real property; a receiver’s disbursement of funds and compensation; bond requirements; and other matters. The amendments provide clarity and specific procedures that should be noted by all practitioners who deal with these issues. This article will highlight some of the most significant changes in the court rules and the likely impact of these changes on receivership proceedings.

Click here to view the PDF of this article on page 16 of the MC Bar Journal.