Florida Receivership Services
Receivership Services & Responsibilities
- Collect and reduce debt by managing the company and closing the company as expeditiously as is compatible with the best interests of all parties involved.
- Be accountable for all property received.
- Ensure that the debtor performs his intentions as to the retention or surrender of property of the estate that secures consumer debts.
- Investigate the financial affairs of the debtor.
- Examine proofs of claims and object to the allowance of any claim that is improper.
- Oppose the discharge of the debtor, if appropriate.
- Furnish such information concerning the estate and the estate’s administration as is requested by a party in interest.
- File with the court and with any governmental unit charged with the responsibility for collection or determination of any tax arising out of such operations, periodic reports and summaries of the operation of such business, including a statement of receipts and disbursements, and such other information as the court requires.
Jack Meeks is an experienced Court-Appointed Receiver and can assist your Bank with the following:
- Review financial statements and assess the condition of the business and/or property to see if a receivership will result in revenue for the Bank to maximize recovery.
- Take immediate possession of your collateral including bank accounts, accounts receivable, security deposits, etc.
- Protect and maintain your collateral and continue effective communication. In our experience,communication usually stops when the borrower stops making loan payments and the Bank does not know if its collateral is being taken care of properly. Jack will communicate with you on important issues such as revenue collections, property insurance, taxes, maintenance, and the day-to-day operations of the business.
- Prepare and track monthly accounting reports such as cash-flow statements, financial statements, budgets,etc.
- Prepare and file with the Courts all required reports and documents.
- Work closely with your attorney.
- Hire in-house accountants and bookkeepers to review and pay (as appropriate) all on-going expenses such as insurance policies, property tax, utilities, payroll, and other accounts payable items.
- Provide expert testimony and/or opinions if required.
- Handle all calls from vendors, tenants, neighbors, and home owner's association members. Jack will help protect the Bank from liability issues with distressed real estate properties by collecting rental income and other revenue owed;honoring the rights of tenants with leases, safeguarding the health and welfare of residents and guests; and keep the property safe and secure.
- Review taxes, permits, licenses, franchise agreements, equipment leases, and rental agreements and negotiate or terminate contracts and leases as applicable.
- Hire and terminate employees if necessary.
- Liquidate the assets and wind-up business operations while working closely with you. Prepare all final accounting documents and reports and transfer accounts to new owners.
About Jack Meeks
Jack Meeks, CPA is the President of Jack Meeks & Associates, CPAs, LLC as well as a Certified Fraud Examiner (CFE), Accredited Senior Appraiser (ASA), Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF). He has almost 50 years of public accounting and consulting experience in the Jacksonville area.
Jack acted as a Court-Appointed Receiver for a large catalogue company. The lender realized substantially more proceeds than expected and Jacksonville retained 150+ jobs. Jack has the experience to simplify complex financial information. His area of emphasis since 1988 has been expert witnessing – analyzing the financial aspects of, and giving testimony in legal cases involving business or personal damages, eminent domain and fraud. He has been called to witness in court approximately 50 times, has been deposed more than 100 times. Jack is also trained and practiced in assessing business values for the purpose of sale or purchase.
He is ready to assist litigators representing individuals, businesses, and corporate or government entities in any financial dispute.
Receivership Projects
- Stache Investments Corporation v. US Culinary & Beverage, LLC, et al.
- RM 30A Properties, LLC v. MacClenny Storage, LLC
- Daniel J. Corey, derivatively on behalf of Florida Spuds, LLC v. William R. Byrd and Florida Spuds, LLC
- Haven Trust Bank Florida v. Main Beach Resort, LLC et al.
- BB Syndication Services, Inc. v. BDA Amelia, LLLP
- American Capital Financial Services, Inc. v. Venus Intermediate Holdings, LLC, Venus Swimwear, Inc. and Venus Manufacturing Corporation
- First Coast Community Bank v. St. John's Irrigation and Landscaping, LLC and St. John's Nursery, Inc.
- Alton Johnson and Charles Blankenship v. Wood You Distributors, Inc., Wood You of Altamonte Springs, Inc., Wood You of Brandon, Inc., Wood You of Clearwater, Inc., Wood You of New Port Richey, Inc. and Wood You of Orange Park, Inc.
