KW PROPERTY MANAGEMENT & CONSULTING consists of a strong team of professionals versed in fiduciary responsibility. Expert accountants not only service condominium associations, residential properties and commercial properties, but are also appointed as receivers to oversee the successful execution of turning around a property or a business and stabilizing the income of the entity.
KW PROPERTY MANAGEMENT & CONSULTING takes pride in understanding the Receivership process, focusing their efforts on taking rapid control of the entity, preserving it and maintaining the flow of income. Well-established checklists and controls are used to ensure that all steps are taken in order to make sure the receiver complies with the court order. In addition, managers are trained to remain mindful of the ultimate goal of stabilizing the asset throughout the entire takeover process.
A receiver is a skilled turnaround consultant that is responsible, as a trustee, for all of the receivership assets. The receiver’s goal is to maximize returns from these assets, either through a going-concern sale or liquidation. Initially, a receiver’s actions are concentrated on the possession, protection and preservation of the assets.
Successful Receivership Qualities
- Efficiency in the takeover of any entity
- Capability of taking possession of any type of entity
- Strong accounting expertise
- Accurate accounting and receiver reports
- Strong infrastructure
- Depth of team involvement
- Knowledge of the real estate industry and operation of businesses
Essential Steps for Receivers
- Signing the receiver’s oath and placing the receiver’s bond.
- Identifying and taking possession of all assets.
- Communicating with employees, suppliers, creditors, unions and other stakeholders. Full and clear communication is a vital link to a successful outcome.
- Moving expeditiously in the possession process to avoid any loss and potential negligence.
- Reviewing outstanding obligations and contracts of the receivership estate for acceptance.
- Completing an inventory of the assets, including accurate descriptions, serial numbers, etc. This step also includes obtaining independent valuation(s) of the assets on an appropriate basis.
- Opening new bank account(s), setting up and maintaining new accounting records.