As a court-appointed receiver, The Concours Group brings an objective and neutral viewpoint to situations which can be emotional, confrontational and/or fraught with distrust. Many times the value of the underlying assets subject to the receivership runs the risk of losing significant value unless decisive action is taken. The Concours Group is able to benefit all the parties involved in the dispute by bringing our turnaround skills to bear and maximizing the value of the business or assets involved.
As a court-appointed receiver, The Concours Group brings critical decision making skills to the situation to effect the orders of the court, whether that be to reduce tangible assets to cash, to manage an ongoing entity for the benefit of the parties, to assist in providing critical information to the court relating to the disputes, or any other tasks that the court may request.
Often when a borrower defaults on a real estate loan, especially one in which the borrower is responsible for managing the property (i.e., collecting rents, making repairs, paying operating expenses) the Court will appoint a Receiver to manage the asset while the foreclosure proceedings take place. In our role as a Receiver, we serve as a neutral party appointed by the court to represent the interests of both the property owner and the lenders.
Our goal is to bring value to the project by maintaining and preserving the asset. Often this includes providing the parties with options for improving the value of the property during the proceedings including:
- Completion of work-in-process on construction projects that have stalled due to lack of funding
- Determining areas of cost savings by re-negotiating with existing vendors or replacing vendors with those with more competitive pricing
- Providing updated analyses of the rental markets so that properties can be properly priced and aggressively marketed for new tenants
- Improving the quality of the existing tenants by doing more thorough background and credit searches