FREQUENTLY ASKED QUESTIONS

What is a Receiver?

A Receiver is an individual appointed by the Court as a neutral party to assume control over assets that are the subject of a dispute or a dissolution of a business. As in this case, the Court provides instructions in the form of a court order concerning the receiver’s various responsibilities, duties and tasks. Stapleton Group, Inc. was appointed as the Receiver. Stapleton Group was given the task of identifying all assets of the Receivership Entities. The Order calls for the Receiver to preserve assets and to clarify the financial affairs of the Receivership Estate. The Receiver submits periodic reports to the Court.

Who is the Receiver?

Stapleton Group, Inc. has been appointed the receiver.  Stapleton Group has a team of experienced professionals with extensive experience in these types of cases. It has served as a Receiver in numerous cases.  Its role is to act as a neutral party to assess the assets of the receivership entities and to determine who has valid claims.  If assets are available for distribution to creditors or investors, he will make payments to creditors after the claim process is completed.

What is the deadline to file a claim?

You have 90 days to file a claim from receipt of the claims notice.

When can we expect a distribution?

Unfortunately, this will not be a quick process. There are 3,500+ potential claimants and some claimants have more than 1 claim. We cannot process any distributions until all the assets are sold so that we know how much money is in the receivership estate.

Why do you need a W-9?

This is a requirement of the IRS for any income distributions over $600.