Madison Chapter 128 Receivership Lawyers in Madison and Janesville, Wisconsin

A Chapter 128 receivership can be a useful tool for debtors and secured lenders. In a Chapter 128 case, the state court appoints a receiver to take control of the business assets and, eventually, to sell the assets for the benefit of the creditors, all with court oversight. Receivers may operate the business in receivership, can liquidate its assets or can sell the business as a going concern. In an asset sale, after the receiver has marketed the property and provided notice to creditors, the trial court may enter an order approving the receiver's sale of the debtor's assets free and clear of liens, claims and encumbrances. At the conclusion of the receivership, the funds the receiver has realized in the case are distributed to the debtor's creditors in the priority order set forth in the Wisconsin statutes.

Madison and Janesville Lawyers Advising Clients Through Business Bankruptcy Alternatives

Chapter 128 receiverships are relatively unique to Wisconsin and are often an alternative to a bankruptcy case. Chapter 128 cases most closely resemble a Chapter 7 bankruptcy case or a liquidating Chapter 11 case, with the receiver acting in place of the trustee or the bankruptcy debtor in Chapter 11. Secured creditors may petition the court to appoint a Chapter 128 receiver involuntarily. Entities may also initiate a receivership, filing much as a company would initiate its own bankruptcy filing.

Several lawyers at Murphy Desmond S. C., have served and continue to serve as Chapter 128 receivers. Madison and Janesville lawyers Robert Pasch, Bill Rameker and Ginger Zimmerman have all operated as receivers for businesses ranging from real estate to gas stations, retail stores to pizza chains and restaurants to biotechnology businesses. The team at Murphy Desmond S.C., strives to efficiently complete each receivership, while keeping in mind the unique nature of every case, and never losing sight of the goal to maximize return to creditors.

As one of the largest creditors' rights and business bankruptcy practices in the state of Wisconsin, our attorneys have represented creditors, debtors, trustees, landlords, asset sellers and purchasers, and creditor committees in both bankruptcy courts and state courts. We have firsthand knowledge of the interests of all parties, and the ability to exercise proper judgment and reasoning.

Many members of our group are rated AV-Preeminent under Martindale-Hubbell's peer-review rating system, have been included on lists by Best Lawyers in America®, Wisconsin Super Lawyers and Rising Stars, and have received various other honors. In 2011, we received the "Turnaround Community Impact Award" by The M & A Advisor. The firm has repeatedly been named #1 Top-Listed Law Firm in Wisconsin for Bankruptcy & Creditor-Debtor Rights Law by Best Lawyers. In addition, the firm took 1st place "Preferred Law Firm" in 2010 and 2011 in the Executive Readers Choice Awards, as published in In Business magazine.

Our team of lawyers at Murphy Desmond S.C., is available to help businesses with financial challenges that can exist at any stage of business planning. Contact us for a consultation with our creditors' rights attorneys. Our firm maintains offices in Madison and Janesville and we serve clients throughout Wisconsin.

*AV Preeminent and BV Distinguished are certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell is the facilitator of a peer-review rating process. Ratings reflect the confidential opinions of members of the Bar and the judiciary. Martindale-Hubbell ratings fall into two categories — legal ability- and general ethical standards.