HB0028

Illinois Receivership Act governs the appointment, powers, and duties of receivers in managing and disposing of receivership property.

The Illinois Receivership Act establishes a framework for the appointment and management of receivers in Illinois. A receiver is appointed by the court to manage and dispose of receivership property, which includes real and personal property related to the business. The court has exclusive jurisdiction over the receiver and receivership property. Receivers can collect debts, manage business operations, and dispose of property with court approval. The act outlines the powers and duties of receivers, including the ability to assume or reject executory contracts and engage professionals.