2010 Pennsylvania Code
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS
Chapter 59 - Fundamental Changes
5985 - Liquidating receiver.

     § 5985.  Liquidating receiver.
        Upon a hearing, after such notice as the court may direct to
     be given to all parties to the proceeding, and to any other
     parties in interest designated by the court, the court may
     appoint a liquidating receiver with authority to collect the
     assets of the corporation. The liquidating receiver shall have
     authority, subject to the order of the court, to dispose of all
     or any part of the assets of the corporation wherever situated,
     either at public or private sale. The assets of the corporation,
     or the proceeds resulting from a disposition thereof, shall be
     applied to the expenses of the liquidation and to the payment of
     the liabilities of the corporation, and any remaining assets or
     proceeds shall be distributed by the court in the manner
     provided by section 5975(c) (relating to winding up and
     distribution). The court may direct that any or all of the
     provisions of Subchapter H (relating to postdissolution
     provision for liabilities) shall apply. The order appointing the
     liquidating receiver shall state his powers and duties. The
     powers and duties may be increased or diminished at any time
     during the proceedings. A receiver of a corporation appointed
     under this section shall have authority to sue and defend in all
     courts in his own name as receiver of the corporation. The court
     appointing the receiver shall have exclusive jurisdiction of the
     corporation and its property wherever situated.
     (Dec. 21, 1988, P.L.1444, No.177, eff. Oct. 1, 1989; Dec. 18,
     1992, P.L.1333, No.169, eff. 60 days)