Best Private Investigators in Bayonne, NJ

Business litigation can be daunting, even for the most experienced business owners. The stakes are high — potentially resulting in bankruptcy due to a hefty judgment or losing control of your business through receivership. What many business owners might not realize is that the risk of losing their New York business can arise long before a judge reaches a verdict. In New York, receivership is governed by Sections 5106 and 6401 of the Civil Practice Law and Rules. These laws enable courts to take legal possession of business assets involved in litigation and authorize a receiver to manage or dispose of those assets. If the court believes your business or its assets are at risk of being destroyed or materially harmed, a receiver can be appointed to maintain them until a final judgment is reached. In some cases, the receivership can be extended if justified by the facts. Receivership is not limited to New York state courts; it is also applicable in federal courts. If a federal entity is involved in the lawsuit, they are likely to request a receivership. Federal agencies, such as the U.S. Securities and Exchange Commission, frequently pursue this option. When faced with business litigation in New York, it is crucial to act promptly and seek legal counsel. Receivership can become a significant issue, and you need to be prepared for all aspects of the litigation. We understand the complexities and high stakes of business litigation. Contact us today for more information.