Florida Receivership Services
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 homeowner'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.
