As a court appointed receiver, Bluett has built a reputation as an industry leader for receivership services around the country. Court appointed receivership has become one of the primary sources of resolution for distressed commercial assets and can be used in conjunction with other measures such as judicial and non-judicial foreclosure giving the note holder, typically a special servicer or lender, options in a workout scenario. At Bluett, we deploy industry best practices and our pragmatic experience to every receivership case we handle.
In most states, Bluett is appointed as a real estate receiver by court order where we are given custodial duties over real property that is the collateral for the note that has defaulted. As the fiduciary, the receiver replaces the borrower and we take over responsibility for the tangible and intangible assets attached to the collateral. Our fiduciary responsibilities, to the court and parties involved in the litigation, can include leasing, construction management, asset management, and where agreed by the court positioning and sale of the property.