The recently approved Michigan receivership court rule, MCR 2.622, became effective on May 1, 2014. David Findling served as a member of the Receivership Committee, which drafted the new rule. The rule incorporates procedures which have been longstanding in bankruptcy, but have not been previously applied to receiverships. The new MCR 2.622 provides solutions to difficult questions which would regularly appear in receiverships, but were not answered by the earlier iteration of the rule. These solutions include:
a) how a court is to choose the receiver;
b) the requirements for how a receivership is to operate;
c) what constitutes a conflict of interest for the receiver;
d) bonding; and
e) the receiver’s compensation.
View the new court rule here.