What are the roles and duties of the Receiver in the PlusMoney case?
The Receiver in the Plus Money case has specific duties as outlined in the PRELIMINARY INJUNCTION AND ORDER: (1) FREEZING ASSETS; (2) APPOINTING A PERMANENTRECEIVER; (3) REQUIRING ACCOUNTINGS; AND (4) PROHIBITING THE DESTRUCTION OF DOCUMENTS. A Receiver’s powers are defined by statute, by the appointing order, and by subsequent orders of the court on petitions for instruction. The Receiver takes possession of all available assets of the receivership estate, as directed by the court, provides an accounting to the court and typically establishes a procedure whereby investors may submit claims which may result in a court-approved distribution to investors.
