We are excited to share that Illinois will soon join the growing number of states with a codified receivership act. Effective January 1, 2026, the Illinois Receivership Act (Public Act 104-0034) establishes a modern, comprehensive framework for administering commercial receiverships.
The statute empowers courts to effectively manage commercial real property, personal property, tenants, rehabilitation, and blight. It also provides creditors with strong pre- and post-judgment remedies to seek appointment of a receiver, enforce contractual rights, and protect assets from waste. Key creditor protections include provisions for injunctions, stays of actions, broad receiver powers (ongoing business management, power of sale, audits, subpoena authority, and more).
Importantly, the Act sets clear standards for receiver qualifications and confirms that both Illinois residents and non-residents may serve.
I am proud to note that I have been licensed to practice law in Illinois since 2007. In coordination with our multistate firm, I have administered receivership estates for nearly three decades across both state and federal courts. Over the last two years, I have also had the privilege of serving as the State Director for Michigan with the Commercial Receivers Association, advocating for the vital role receivership plays in effective asset management.
My team and I look forward to engaging with the Illinois Bench and Bar, and to working with creditors and counsel under this new framework. We welcome the opportunity to share our experience honed under Michigan’s 2018 Commercial Receivership Act — and to help develop strategies for addressing even the most complex and contentious asset matters.
— Frank R. Simon
Frank Simon
Managing Member
