Nationwide Receiver

Trusted Court Appointed Receivership Management for business, assets, creditors and estates

When companies face financial distress, creditors require expedient results, and assets need protection, they will turn to the Courts for the appointment of a trusted, impartial fiduciary. That’s where our decades of nationwide experience accepting appointments and delivering results come in. Our Receivership Team Leader is Frank R. Simon, Esq. who heads an experienced Team of Professionals based out of the Midwest and providing a full suite of Receivership services across the entire country.

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What Is Receivership?

Receivership is a legal process in which a neutral third-party — called a receiver — is appointed by the court to take custody of a business, property, or assets.

  • Protects and preserves assets during litigation or insolvency.
  • Ensures fair treatment of creditors, investors, and stakeholders.
  • Provides professional management when leadership is unavailable or ineffective.

Why Businesses and Creditors Use Receivership

  • Asset Protection: Prevent waste, fraud, or mismanagement
  • Debt Recovery: Maximize value for creditors and investors
  • Neutral Oversight: Court-appointed receivers provide impartial management
  • Business Continuity: Keep operations stable during restructuring or litigation
  • Stay of Proceedings: Provides a stay as between creditors, utilities, and taxing authorities and an opportunity to determine priorities
  • Financial Analysis: Empowers the Receiver with investigatory and audit authority to pursue transfers, fraud, and claims out of trust
  • Expedience: avoid foreclosure and redemption periods
  • Licensure: control of liquor, marijuana licenses and operational permits

How Our Receivership Services Work

01

Creditors can consult with our Receivership Team or immediately move forward with a motion to appoint Receiver with the Court.

02

Court Appointment – We are appointed as the receiver by the court.

03

Asset Management – We secure, manage, and preserve property and business assets.

04

Financial Oversight – Transparent reporting, cash flow management, and creditor communication.

05

Asset sale and disposition including brokerage and negotiations.

06

Resolution – Whether restructuring, liquidation, or property disposition, we work toward the best outcome.

Why Choose Us?

  • Experienced in complex corporate and real estate receiverships
  • Proven results in maximizing asset value
  • Trusted by courts, attorneys, and creditors nationwide
  • Transparent, accountable, and court-compliant reporting
  • Receiver Frank R. Simon is backed by the full support of his multistate law Firm, Simon PLC Attorneys & Counselors
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Our Nationwide Reach

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We provide services to Receivership Estates clients across the country, working with:

  • Divorce
  • Probate
  • Family court actions

Receivership and Turnaround Experience

Court-appointed receiver Frank R. Simon, Esq., and the receivership team at Simon PLC handle complex cases involving court-supervised borrowers and collateral across state and federal jurisdictions. Their appointments span receiverships, assignments for benefit of creditors, bankruptcy proceedings, and related insolvency matters.
The team specializes in managing difficult assets, debtors, and distressed businesses while maximizing creditor recoveries. Beyond recovery optimization, Simon PLC employs a strategic approach designed to position assets for future growth and productivity, creating value for all stakeholders in the receivership process.

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National Receiver Case Studies

The following case studies demonstrate Simon and his team’s expertise in managing diverse, complex receivership matters across multiple industries and asset types.

Court Appointed Receiver

Medical Practice Fraud Case – Asset Recovery and Liquidation

Simon served as Assignee for the benefit of creditors for four medical businesses operated by a doctor subsequently convicted of healthcare fraud. Following the doctor’s arrest during the assignment process, Simon and his team systematically wound down operations across six satellite locations while preserving valuable assets.

The liquidation process recovered significant value from diverse sources including certificates of need, medication rebates and refunds, medical equipment, furniture, and outstanding receivables. A particularly notable recovery involved securing and returning over $1 million worth of unopened pharmaceuticals to suppliers, preventing potential abuse while maximizing creditor returns.

Simon managed thousands of sensitive medical records, coordinating their secure release to both the doctor’s victims and the U.S. Department of Justice for the ongoing criminal investigation. The team established and administered a comprehensive claims process, handling hundreds of creditor claims while coordinating resolutions with multiple state and federal agencies.

Additionally, at the request of the U.S. Department of Labor, Simon served as Special Fiduciary for the businesses’ retirement plans, administering and liquidating plan accounts in full compliance with ERISA requirements and court orders. This dual role ensured comprehensive asset recovery while protecting employee benefits and maintaining regulatory compliance throughout the complex proceedings.

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Court Appointed Receiver

Historic Mall Receivership and Municipal Sale

When Northland Mall’s owner defaulted in 2014, Oakland County Circuit Court appointed Simon as receiver of the 1.5 million square foot property that was once the world’s largest shopping center. The receiver inherited significant challenges including deferred maintenance, aging infrastructure, and tenant departures that ultimately forced permanent closure after the final anchor stores left.
Despite these obstacles, Simon maximized estate value by collecting outstanding rents and maintenance charges, liquidating fixtures and artwork, securing a substantial property tax refund, and settling unpaid utility claims. These recoveries funded security and wind-down operations without additional lender capital, providing time to negotiate a successful sale to the City of Southfield.

Court Appointed Receiver

Shopping Plaza Receivership – Insurance and Utility Recovery

Simon was appointed receiver to manage a 175,609 square foot shopping plaza during its redemption period. Through detailed operational analysis, the receiver identified and eliminated unnecessary utility services, generating approximately $20,000 in refunds for the estate.

More significantly, Simon successfully pursued property damage insurance claims, recovering several hundred thousand dollars under existing policies. This comprehensive approach to asset management and claims recovery substantially enhanced the estate’s value while maintaining property operations during the critical redemption period.

Court Appointed Receiver

Liquor License Transfer – Tax Lien Resolution

Simon was appointed receiver to facilitate transfer of a Class C Liquor License encumbered by over $140,000 in unemployment and state tax liens from a prior operator who failed to properly register tax obligations.

The State of Michigan was pursuing successor liability claims against the license holder, current tenant/property manager, and real property owner. The receiver negotiated with state authorities to establish correct liability ownership and secured written releases absolving the tenant/property manager and property owner of successor tax responsibility.

With the lien issues resolved, the receiver successfully completed the liquor license transfer, protecting innocent parties while enabling the transaction to proceed.

Court Appointed Receiver

Post-Divorce Asset Recovery and Settlement

Simon was appointed receiver to collect unpaid divorce judgment amounts after the defendant refused compliance and frustrated traditional collection efforts by plaintiff’s counsel.

Following appointment, the receiver discovered the defendant had liquidated his 401(k) account and secured a bench warrant for contempt. These aggressive collection measures prompted the defendant to negotiate, ultimately resulting in a settlement agreement that resolved the outstanding judgment obligations.

Court Appointed Receiver

Abandoned Physical Therapy Clinic – Asset Recovery

When a physical therapy clinic’s owners fled the country and were incarcerated, leaving the business abandoned, Simon was appointed receiver to wind down operations. The receiver successfully recovered several hundred thousand dollars in outstanding receivables for creditor benefit while ensuring proper preservation and handling of patient medical records.

Court Appointed Receiver

Abandoned Physical Therapy Clinic – Asset Recovery

When a physical therapy clinic’s owners fled the country and were incarcerated, leaving the business abandoned, Simon was appointed receiver to wind down operations. The receiver successfully recovered several hundred thousand dollars in outstanding receivables for creditor benefit while ensuring proper preservation and handling of patient medical records.

National Court Appointed Receiver

National Healthcare Staffing Company – Turnaround and Sale

Simon was appointed receiver of a national home care and medical staffing provider serving acute and sub-acute medical facilities through company-owned and affiliate offices nationwide. The company provided nurses, certified nursing assistants, home health aides, and companions to healthcare facilities and home care clients.

Working with consultants, the receiver achieved remarkable operational improvements within two months, transforming EBITDA from negative $500,000 to positive $3 million on a normalized run-rate basis—a $3.5 million improvement representing 7% of revenue.

Following extensive regulatory approvals, the receiver completed an asset sale to a publicly traded home care provider for approximately $19 million, representing 6-7x prospective EBITDA. Combined with operational cash generation, the proceeds fully repaid the secured lender’s principal balance.

Award Recognition: The Turnaround Management Association honored this transaction as the 2019 “Small Company Transaction of the Year,” recognizing Simon PLC and the entire turnaround team for their exceptional execution.

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National Court Appointed Receiver

Simon PLC Attorneys & Counselors – 2025 Update of Receivership Case Studies

Note: This is an update to the article Receivership Case Studies published on August 12th, 2019, as well as our February 1, 2022 Update which you can read here.

Troy, Michigan – Court appointed receiver Frank R. Simon, Esq., along with the receivership and turnaround Team of Simon PLC Attorneys and Counselors, are often asked to summarize their experience handling different types of cases involving court supervised borrowers and their collateral. Simon’s appointments have included receiverships, assignments for the benefit of creditors, bankruptcy, and similar actions in both state and federal court across the nation. Simon and the Team have a proven track record of working with difficult assets, debtors and businesses. In addition to the goal of maximizing creditor recoveries to the receivership estate, the Team employs an approach that in all cases attempts to leave the collateral in an improved position for future growth and productivity.

The following topical case studies represent a broad array of Simon’s and the Team’s recent experience with complex assets, businesses and their circumstances.

 

  1. Blight and Eyesores. Municipalities call upon court appointed receivership as a remedy to blight, ordinance violations and when property owners fail to take active control of their assets. This summer our Team has nearly completed an impressive turnaround at the request of a local city. The property was once a massive hospital campus occupying extremely desirable real estate. What had been a great source of pride to the local community, had since been closed for some time and severely neglected. Its prominent location among historic homes and neighborhoods and alongside an international border only served to magnify the blight. The Receiver’s demolition of the massive concrete structures, terraforming and grading have been completed over the last eighteen months. The tearing down of the buildings exposed tons of concrete for crushing along with the separation of significant amounts of steel and rebar. Proximity to the waterfront required environmental abatement, underground tank removal and concerns for natural wildflife.  Coordinating with state and local authorities, the Receiver managed demolition and environmental financial grants while also maintaining ongoing and regular investment of payment installments from the property owner. Before the end of the year the entire property will be a remediated, grass covered, graciously sloping field, ready and marketable for its next best use.  
  2. Liquor. Receivership is a great resource for creditors secured to assets that include a liquor license, even ones that are operating under that license. A recurring theme in our Team’s appointments are liquor, convenience and party stores. The primary additional benefit here is that the receiver can take custody of the license, be recognized by the licensing authority, and continue regular business sales. In just the last few years our Team has assisted a secured creditor in maintaining operations and goodwill at a liquor store by installing a new manager, all while marketing, securing a purchaser, and closing the sale of the business as a going concern. Frequently, party stores are also private loan relationships. These types of receiverships often manifest in the form of inter-family or shareholder disputes. One party may have been the financial backer with the operator being a tenant who is gradually paying off the purchase obligations on an installment note. Our Team has responded to a number of these complicated transactions this year. In one instance we even had a “sub-tenant” who was in possession of the premises without the knowledge and consent of the owner and in violation of many licensing requirements. Critical to success in control of cash generating, licensed, and ongoing operations is a receiver who can install new management, audit accounts, quickly inventory and assess retail collateral, and assert authority over often heated litigants who have been pouring their personal effort into a business for many years.
  3. Marijuana. Our Team’s asset management includes all variety of businesses related to the sale of marijuana. Whereas many states have legalized recreational or medical marijuana, the federal laws continue to prohibit any use, sale or manufacture. This results in a complex non traditional loan relationship, investment protections, ownership structures and creative loan portfolios. Absent from traditional remedies for the industry are federal law protection like bankruptcy. Receivership at the state level is almost a perfect solution to to this split in authority. Indeed, many state marijuana enabling acts specifically provide for a receiver’s appointment with the right to maintain and operate licenses in trust. Our experience has shown that the secured assets for marijauna debtors tend to be geographically limited and challenged by zoning to avoid locations near schools, churches and the like. When building out a marijuana operation significant investments can be made into real and personal property that really has no other best use when things go wrong. As many creditors and borrowers in this sector have learned, price, supply and demand are very volatile and when things go wrong, they go wrong quickly. In the past years our Team has been appointed over nearly every aspect of the marijuana industry. We have operated a prominent dispensary in the heart of a Big Ten campus. We have operated a contentious grow operation hotly contested by its ousted owner resulting in criminal contempt charges before the successful sale. Receiver Simon has also maintained, secured and marketed abandoned growing and processing facilities for out of state lenders all while negotiating new financing and creditor supported restructuring for potential takeovers.
  4. Ownership/Shareholder/Partnership Battles. A reoccuring theme in our receivership workload are disputes between shareholders and partners. These are particulary complex when the additional variable of family relationships is added to the mix. Recently the Team has managed and resolved a restaurant asset dispute between two extremely hostile and violent owners. What had started as the realization of a dream and manifested into an exceptionally attractive business property had turned out to be quite the opposite. Mediating and managing the tension while seeking a positive resolution is a great use of a receiver. In another case we were appointed to manage a beautiful resort property, inclusive of a restaurant, with a reputation as an event and wedding planner’s dream destination. The only thing holding it back was the multi layered group of family, inlaws and management disputes preventing the funding of improvements and operations. In an effort at restructure the Receiver successfully implemented new branding, website design and portals, improved guest experience and onsite management, all while the parties worked out their matter in court.
  5. Divorce. Courts handling family law, divorce and probate turn to our Team for receivership support under their enabling Acts and legislation. Family disputes are a particularly challenging aspect of receivership and among the most contentious that Receiver Simon has managed. This year, in one case alone our Team has obtained Court approval to chase down and recover fradulently transferred real property assets by a litigious husband in a divorce action. In that very same case, the trial court’s appointment of Receiver Simon was also challenged to the Court of Appeals wherein the appellate court unanimously upheld the propriety of the court’s action and the need for receivership to preserve and liquidate the parties’ assets following the divorce.
  6. Judgment Creditors. Judgment creditors call upon the appointment of a receiver when the more traditional efforts of garnishment, debtor examination, and seizure orders have fallen short. A receiver is empowered by the court to investigate, subpoena, and audit a debtor. Our Team just completed an intense seven month audit of an extremely complex and sophisticated debtor structure for such a creditor earlier this year. The debtor had organized its real and personal assets across a variety of LLCs. Pledged assets to secured creditors were sorted and assessed by Receiver Simon. A myriad of lawsuits from as many as thirty separate parties were processed and prioritized for claims against the Estate during Receiver Simon’s tenure. Litigants included a municipality, utilities, personal injury victims along with more traditional creditors. A comprehensive written report and financial audit was ultimately able to satisfy the Court’s inquiries into the propriety of the debtors’ actions and structure allowing for the completion of the investigation.
  7. Residential. Lenders frequently call upon a receiver to assist them with exercising their remedies against the real and personal property collateral securing debts and financial arrangments. Receivership is particularly helpful to creditors in the context of occupied rental properties such as apartments. Whereas foreclosure is usually a cost effective option in recovering collateral, its inherent procedural and redemption timeframes routinely create delays and other problems of their own. Likewise, assignment of rents are only as valuable as the tenants willing to honor them. Receivership delivers much better results in the form of quick operational control, security of facilities, custody of rents, resolution of blight, investigation of mismanagement, and much more. A Receiver can ensure that rents are properly paid and collected while the property is prepared for market. A Receiver also enjoys the power of sale and often without any redemption period.

In the past year our Receivership Team has been appointed to manage tenant related assets of all sizes and complexities. For example, our Team quickly seized, marketed, and turned over a ten unit facility (in less than five months) to new ownership with a 100% recovery to the lender, inclusive of all costs of the receivership as well as payment of most of lender’s own attorneys’ fees. In another matter, we took action within a simultaneous foreclosure redemption period to secure three single family homes, control rents, and address the Court’s concerns with the real estate owner until such time as the Lender became fee title holder. In one of our largest appointments, Receiver Simon was appointed to manage and market fourteen apartment buildings originally built between 1924 to 1954 that are listed on the historic register. These particular buidlings are significantly neglected and subject to crime and blight but also highly desireable to the right investors. Some high stakes negotiations have yielded significant offers for the properties that advocate for the additional value of receivership. Whereas foreclosure bids might be lowball and anonymous at a county auction, Receivership allows for carefully drafted letter of intent, purchase agreements, exchange of due diligence, hard money escrow deposits and direct negotiations through Receiver with lender and prospective purchaser. Continuing this trend, just last month we accepted another appointment over a brand new state of the art apartment complex suffering not so much from aging infrastructure but instead from ownership burdened with an ambitious but overextended geographic footprint.

  1. Financial Crime. Not all receivership appointments are an asset based endeavor. Over the years the Team was appointed to establish control of the receivership estate in the instance of crime, fraud and other suspicious activities. This year we were appointed in a fairly unique matter for a national title underwriter. The local title agency had suffered crippling financial losses from the embezzlement activities of one of its trusted employee managers. Not only had the funds been lost, the closings, deeds, title, mortgages, fees and the like that were expected to be paid on settlement statements had never been presented. The list of victims from botched closings and their claims quickly escalated. In appointing Receiver Simon the court ensured that the losses would stop, remaining accounts were under control, and the claims process could proceed. Simultaneously, the Receiver’s fraud investigation could begin which included account audit, investigative subpoenas, records production, and critically, the depositions of the wrongdoer. In less than sixty days the Receiver had filed comprehensive reports with the court detailing the transactions and disposition of the funds. The embezzlement had gone on for the better part of two years and was not revealed as a self enrichment scheme but instead a standard Nigerian email wire transfer scam leaving the assets mostly outside of the country. Nevertheless, receivership provided the necessary stay of claims, securing of evidence, and the financial audit necessary to protect the victims and stop the losses.

Simon PLC Attorneys & Counselors is a full-service financial institution and commercial litigation law firm with its main office in Troy, Michigan that for more than two decades has provided service to clients in multiple jurisdictions throughout the United States and Canada. Frank R. Simon is a distinguished specialist in receivership, turnaround and resolution of distressed assets who has regularly been called upon and appointed as Receiver in multiple jurisdictions. Mr. Simon is admitted to practice law in Michigan, Illinois, New York, and the District of Columbia and is a licensed real estate broker.

N.B. Not Legal Advice: Please contact us if you would like to discuss the facts and circumstances of your specific matter. Simon PLC Attorneys & Counselors expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this memorandum. The information contained herein may not reflect current legal developments and is provided without any knowledge as to the recipient’s location, industry, identity or specific circumstances. No recipients of this content, clients or otherwise, should act, or refrain from acting, on the basis of any content included in this memorandum without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the jurisdiction for which the recipient’s legal issue(s) involve. The application and impact of relevant laws varies from jurisdiction to jurisdiction, and our attorneys do not seek to practice law in states, territories and foreign countries where they are not properly authorized to do so.

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Frequently Asked Questions About Receivership

What is a receiver?

A receiver is a neutral, court-appointed professional who takes control of a company’s assets, operations, or property to protect and preserve value during financial distress, disputes, or litigation.

When is receivership used?

Receivership is commonly used when:

  • A business is insolvent or facing severe financial challenges.
  • Creditors want to protect their collateral or recover outstanding debts.
  • Stakeholders need an independent party to manage, stabilize, or sell assets.
  • Fraud, mismanagement, or disputes threaten the value of a business.
What types of businesses can benefit from receivership?

Receivership can be applied across many industries, including real estate, construction, manufacturing, healthcare, retail, hospitality, and professional services. Both small businesses and large corporations may use receivership depending on the circumstances.

What authority does a receiver have?

A receiver’s powers vary by court order and state law, but typically include:

  • Managing day-to-day operations.
  • Taking custody of assets and property.
  • Collecting and distributing income.
  • Negotiating with creditors.
  • Selling assets or restructuring operations.
How is receivership different from bankruptcy?

While both address financial distress, receivership is a court-supervised remedy outside of bankruptcy. Bankruptcy is a federal process involving reorganization or liquidation under the U.S. Bankruptcy Code, while receivership is often state-specific and focuses on preserving value and protecting stakeholders.

Is receivership available in every state?

Yes. Receivership laws exist in every U.S. state, though procedures and statutes vary. As a nationwide receiver, we work with courts across multiple jurisdictions to provide consistent, professional service tailored to each state’s requirements.

Who can request a receiver to be appointed?

Typically, a creditor, lender, business partner, shareholder, or sometimes even the business itself may petition the court to appoint a receiver.

How long does a receivership last?

The duration depends on the complexity of the case and the court’s direction. Some receiverships last only a few months to resolve immediate issues, while others may continue for years until assets are liquidated or disputes are resolved.

What happens to employees during receivership?

Employee treatment varies case by case. In some situations, the receiver continues operations and retains staff. In others, layoffs or restructuring may occur if the court determines it is in the best interest of creditors and stakeholders.

Why choose a nationwide receiver?
  • Working with a nationwide receiver ensures:
  • Experience navigating different state laws and courts.
  • Consistency in process and reporting.
  • Proven strategies to protect value and minimize losses.
  • The ability to handle complex, multi-state matters efficiently.
Simon PLC

Receivership Services

Cannabis Receivership

Navigating Cannabis Receivership: Restructuring and Selling Distressed Cannabis Businesses

Introduction:
Cannabis companies face unique legal and financial hurdles, and those challenges become even more complex in cases of cannabis receivership. When a distressed cannabis business is placed under a court-appointed receiver, issues surrounding compliance, licensing, taxation, and timing can complicate efforts to stabilize operations or pursue a sale. In this article on DailyDAC, contributors Eric Peterson (Spencer Fane LLP), Daniel Garfield (Fairfield and Woods, P.C.), Eric Moraczewski (NMBL Strategies), and Frank Simon (Simon PLC) outline strategies for navigating cannabis restructuring and maximizing value when selling distressed cannabis assets through receivership.

Originally published by DailyDAC on September 17, 2025.

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If you need a receiver you can trust, we’re here to help.


📞 Call us today at (248) 720-0290
✉ Request a consultation via our contact form.

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