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An insolvent fuel company is managed by a court-appointed receiver. [11] A U.S. District Judge appointed a receiver for the multi-level marketing company Equinox International in August 1999. [12] As of 2007, the receiver was authorized to distribute settlement funds from the now-defunct company to approved claimants. [13]
A receivership is not a legal process, but the court might order a receivership as a way for a company to manage debt. In that case, the court will appoint the receiver.
Clemente is a noted expert on real estate bankruptcy and corporate liquidation [1] and has served as a court-appointed Receiver and Trustee for numerous companies. [2] He is the former chair of the Board of Visitors for George Mason University , holding the position from July 2012 through June 2014. [ 3 ]
A receivership is when an external administrator known as a "receiver" (usually a "receiver and manager" if it requires controlling the company) is appointed by a secured creditor to sell off a company's assets in order to repay the secured debt, or by the court to protect the company's assets or carry out other tasks. [1]
The Virginia Circuit Courts are the state trial courts of general jurisdiction in the Commonwealth of Virginia. The Circuit Courts have jurisdiction to hear civil and criminal cases. For civil cases, the courts have authority to try cases with an amount in controversy of more than $4,500 and have exclusive original jurisdiction over claims for ...
With the division of West Virginia from Virginia during the American Civil War, the Western District of Virginia became the District of West Virginia, and those parts of the Western District that were not part of West Virginia were combined with the Eastern District to again form a single District of Virginia on June 11, 1864, by 13 Stat. 124. [2]
The Judiciary of Virginia is defined under the Constitution and law of Virginia and is composed of the Supreme Court of Virginia and subordinate courts, including the Court of Appeals, the Circuit Courts, and the General District Courts. Its administration is headed by the Chief Justice of the Supreme Court, the Judicial Council, the Committee ...
On November 20, 1991, Payne was nominated by President George H. W. Bush to a seat on the United States District Court for the Eastern District of Virginia vacated by Joseph Calvitt Clarke Jr. Payne was confirmed by the United States Senate on May 12, 1992, [2] and received his commission on May 13, 1992.