Often, yes. Where a secured creditor intends to enforce security on all or substantially all of an insolvent person’s inventory, accounts receivable, or other business property, BIA s. 244(1) requires notice, and s. 244(2) generally prohibits enforcement until 10 days after the notice is sent. Under s. 243(1.1), the court generally may not appoint a receiver before that 10-day period expires unless the debtor consents to earlier enforcement or the court considers earlier appointment appropriate.
Frequently Asked Questions
Is 10 days’ notice required before a receiver is appointed?
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