Receivership Frequently Asked Questions

Receivers are often requested by lenders, attorneys, investors, or municipalities during litigation involving distressed assets or disputes over control.

Once appointed by the court, we can take over within 24–48 hours, depending on the situation's urgency and access requirements.

It varies—some receiverships are resolved in a few months, while others can extend for a year or more depending on court proceedings and the property's condition.

No. A receiver manages the asset on behalf of the court and stakeholders but does not assume liability for the property's existing debts.

We manage single-family homes, multifamily buildings, mixed-use properties, and small commercial real estate—primarily within the greater Chicago area.

Typically, a court appoints a receiver upon request from a property owner, lender, attorney, or government body when the association is failing to meet its obligations.

The board's powers may be suspended or limited while the receiver takes over operational and financial control to stabilize the association.

Yes. In fact, the receiver will often enforce collection more rigorously to restore financial health.

Receivership is often a step toward protecting and eventually improving property values by correcting systemic issues and ensuring basic functions resume.

Yes. Our team has been court-approved in multiple receivership cases across Chicago, with a strong record of success in HOA and condo settings.

Typically, the lender (plaintiff) or legal counsel can petition the court to appoint a receiver when the property is at risk of losing value, becoming unsafe, or violating local codes.

A receiver operates under the court's order and has the authority to collect rents, pay expenses, make repairs, secure the premises, and manage the day-to-day operations of the property.

No. The receiver acts as a neutral custodian and does not assume ownership. Their job is to manage and protect the property during the legal proceedings.

Yes. With court approval, we often lease units to generate income, maintain occupancy, and reduce neighborhood blight.

A receiver is a neutral third party appointed by the court to take control of a commercial property in distress. Their role is to manage the asset, protect its value, and report to the court while legal or financial matters are resolved.

Receivership is often used during foreclosure proceedings, partnership disputes, bankruptcy, or when a property is abandoned or mismanaged. It helps maintain order and protect the value of the asset during legal uncertainty.

Yes. As receivers, we take full control of property operations—including rent collection, lease enforcement, and vendor management—under the authority granted by the court order.

Absolutely. We provide regular updates, including financial statements, operational summaries, and key developments, to the court, attorneys, and stakeholders throughout the receivership.

Depending on the court's direction, the property may be sold, returned to the lender, transitioned to new ownership, or repositioned. We work to ensure a smooth handoff regardless of the exit strategy.

A receiver is a neutral third party appointed by a court to take control of a property that is in financial or legal distress. The receiver's job is to stabilize, protect, and manage the property until the legal matter is resolved.

Receivers are typically requested when a borrower defaults, a partnership dissolves, or when a property falls into disrepair or mismanagement. Lenders and investors use receivers to preserve asset value and limit further losses.

We are equipped to step in within 24 to 48 hours of appointment. We immediately assess site conditions, secure the premises, and initiate financial controls.

Yes. ALPS has deep experience managing everything from Class A office space and retail plazas to multifamily apartment buildings, including affordable housing and rent-stabilized units.

We are a nationwide company.

Our fees are court-approved and typically billed as part of the property's operating expenses. We offer transparent pricing that aligns with industry standards and the complexity of the assignment.

We manage a broad range of properties including residential (single-family, multifamily), commercial buildings, and mixed-use developments in need of stabilization, preservation, or full redevelopment.

We typically mobilize within 24-48 hours of appointment, depending on property access and court approvals.

Yes. We routinely work with the City of Chicago to resolve code violations, manage permits, and bring properties into compliance.

Absolutely. We provide detailed scopes, line-item budgets, and progress reports that can be submitted to the court or used in hearings.

We do both. Depending on the property's condition and the court's direction, we offer everything from minimal maintenance to comprehensive construction management.