Chicago Business Litigation Lawyer Blog
You check the company’s bank account from your phone and the balance is a fraction of last month’s. Your co-owner has changed the passwords, is paying himself in ways no one approved, and has stopped answering. You want someone in charge who is not him, today.
Illinois courts can step in on an emergency basis, but the word most owners reach for, receiver, describes one of the hardest orders to obtain. A court asked to appoint a receiver will apply a stringent test. An owner who has real evidence of imminent loss has a chance, and often a better chance if the request is narrower. The most useful relief may be a restraining order, an accounting, or a custodian appointed under the statute that governs closely held companies.