In law, receivership is the situation in which an institution or enterprise is being held by a receiver, a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights. " Various types of receiver appointments exist:
• a receiver appointed by a (government) regulator pursuant to a statute; • a privately-appointed receiver; and • a court-appointed receiver.
The receiver's powers "flow from the document(s) underlying his appointment - a statute, financing agreement, or court order.
Our partners have been appointed as a receiver by the courts and clients in dozens of cases. We provide the accounting and financial expertise necessary for asset management, operational control, and the often unanticipated additional challenges which arise in receivership situations.
"Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands."
- Judge Learned Hand - (1872-1961), Judge, U.S. Court of Appeals.
Notwithstanding Judge Hand's astute observation, controversy...