A receivership can be an effective method for collecting delinquent association debt. Many associations, however, are hesitant to pursue this remedy as they feel that receiverships are ‘risky’ or not cost effective. However, performing some due diligence prior to filing a receivership lawsuit, can ensure that the process moves quickly and effectively while providing nominal risk to an association.
Prior to filing a receivership lawsuit, an association should research the following:
Stay tuned for my future blog post that will further discuss how to minimize risk after a receivership lawsuit has been filed.
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