Printable Format17-6901. Receivers for insolvent corporations; appointment; powers. Whenever a corporation shall be insolvent, the district court, on the application of any creditor or stockholder thereof, may appoint, at any time, one or more persons to be receivers of and for the corporation, to take charge of its assets, estate, effects, business and affairs, and to collect the outstanding debts, claims and property due and belonging to the corporation, with power to prosecute and defend, in the name of the corporation or otherwise, all claims or suits, to appoint an agent or agents under them and to do all other acts which might be done by the corporation and which may be necessary or proper. The powers of the receivers shall be such and shall continue so long as the court shall deem necessary.
History: L. 1972, ch. 52, § 104; July 1.
Source or prior law:
17-3607; 8 Del. C. § 291.
Cross References to Related Sections:
Appointment of custodian, see 17-6516.
Receivers for dissolved corporations, see 17-6808 to 17-6810.
Filing order of appointment as receiver with register of deeds, see 17-6902(b).
Compensation and expenses of receiver, see 17-6908.
Appointment of temporary receiver to administer compromise or arrangement between corporation and creditors or stockholders, see 17-6912.
Appointment of provisional director for close corporation, see 17-7213.
Appointment of receivers under code of civil procedure, see ch. 60, art. 13.
CASE ANNOTATIONS
1. Private lease agreements between licensed warehousemen and depositors held contrary to public policy. State ex rel. Crawford v. Centerville Grain Co., 5 K.A.2d 451, 452, 618 P.2d 1206 (1980).
2. Creditor of insolvent corporation cannot maintain personal action on own behalf against directors or officers who breach duty by negligent mismanagement. Speer v. Dighton Grain, Inc., 229 K. 272, 280, 284, 288, 624 P.2d 952 (1981).
3. Distinctions between custodianship and receivership noted. Valley View State Bank v. Owen, 241 K. 343, 347, 737 P.2d 35 (1987).
4. State court-appointed receiver for putative corporate debtor was proper party to answer involuntary petition. In re Starlite Houseboats, Inc., 426 B.R. 375 (2010).