A receiver is typically appointed when there is risk that assets will be wasted, mismanaged, or lost during litigation. Common examples include disputes over commercial real estate, operating businesses, or post-judgment collections.

Receivers are often appointed on motions by a secured creditor, lender, investor, or other party with an interest in the property or business. The court ultimately decides whether a receivership is warranted.

I serve as a court-appointed receiver in both Illinois State Courts and the U.S. District Court for the Northern District of Illinois, handling a wide range of real estate and business receivership matters.

A receiver is an Officer of the Court and works as an agent of the court that appointed the receiver. 

The Illinois Receiver primarily serves: Cook County, IL; Lake County, IL; DuPage County, IL; Kendall County, IL; McHenry County, IL, Will County, IL; and, Kane County, IL. 

The Illinois Receiver has the ability to obtain a bond, bring together people and resources needed within 24 hours of a court ordered receivership to assume control and management of any asset.

The duration depends on the complexity of the matter. Some receiverships conclude in a few months, while others may continue for a year or more until the court determines that the matter has been resolved.

I manage commercial and residential real estate, operating companies, investment properties, condominium associations, and other assets involved in financial disputes or foreclosure actions.

Once appointed, I take control of the property or business, stabilize operations, account for all income and expenses, and report regularly to the court. My primary goal is to protect and preserve value for all interested parties.

All financial activity is recorded using modern accounting systems, with detailed reports submitted to the court and counsel. I maintain open communication with all stakeholders throughout the process.

Receiverships are designed to protect value, not waste it. My fees are reasonable, transparent, and approved by the court. They are proportionate to the complexity and size of the engagement.

Receivership fees and expenses are typically paid from the assets or income generated by the receivership estate, subject to court approval. My receiver’s fees are billed in 1/10 of an hour increments.

My primary jurisdiction is Illinois, where I have extensive experience in both state and federal courts. For out-of-state matters, I can collaborate with local counsel or professionals as permitted by the court.

I have decades of experience in receivership administration, asset management, and court-supervised liquidations. I’ve served in numerous complex cases involving real estate, business operations, and post-judgment enforcement.

While both are fiduciaries, a receiver is appointed by a state or federal court outside of bankruptcy, whereas a trustee operates under the U.S. Bankruptcy Code. Receiverships often move faster and focus on asset preservation before or instead of bankruptcy.

Each case is unique. In some cases, employees continue working under the receiver’s supervision; in others, operations may be suspended. My goal is to maintain value and minimize disruption whenever possible.

Yes. With court approval, I can market and sell receivership property. Sales are conducted transparently and reported to the court for confirmation.

Creditors are kept informed through court filings and reports. They may also submit claims, participate in hearings, and receive distributions if assets are liquidated.

I use secure, cloud-based financial and property management platforms that allow for real-time tracking, digital reporting, and 24/7 access for authorized parties.

Yes. Attorneys, lenders, and court officers are encouraged to contact me directly with questions or concerns. I maintain open, professional communication at all stages of the engagement.

Typically, a motion or petition includes the legal basis for appointment, a proposed order, receiver’s resume,  and a description of the property or business. I can assist counsel in drafting or reviewing proposed receivership orders when appropriate.

You can contact me directly through the contact page of this website, by phone at 312-607-4646, or by email at vandervant@illinoisreceiver.com. I’m available to discuss potential receivership matters, provide insight, or assist with drafting language for court filings.