Tom DeWoskin, an attorney with Danna McKitrick P.C.’s Bankruptcy and Creditor’s Rights practice group, has been appointed by the St. Louis County Circuit Court as receiver for Shaun Hayes’ interests in Fordyce Brown Enterprises LP and numerous other entities in which he is believed to have an interest.
Receivers can be appointed by state or federal courts to locate and preserve a defendant’s assets. This keeps them available to satisfy plaintiffs’ claims (if allowed by the court). In some cases, the receiver operates the defendant’s business to preserve its value. Receiverships play an important role in the legal practice areas of bankruptcy, debtor-creditor relations, and insolvency in general.
Read the full article … St. Louis Business Journal