A Receiver is a legal or business professional appointed by a court to administer, manage, or oversee the assets, operations, or financial affairs of a distressed real estate entity. This role is pivotal during legal or financial difficulties when a property cannot meet its obligations and requires intervention for asset management or sale to satisfy creditors. Below is a detailed outline of the responsibilities, required skills, and qualifications typically associated with the role of a Receiver.
Main Responsibilities:
- Asset Management: Take control of the real estate entity's asset(s), evaluating them for sales strategies to fulfill financial obligations.
- Operations Oversight: Oversee the day-to-day operations of the property, implementing measures to improve efficiency, reduce costs, or maintain and improve the property.
- Financial Management: Manage the entity’s finances, including collecting receivables, paying bills, and handling other financial obligations.
- Legal Compliance: Ensure compliance with legal orders, filings, and processes related to the receivership, working closely with legal counsel and courts.
- Reporting: Prepare and submit detailed reports on the status of the receivership, asset management strategies, and financial transactions to the appointing court and creditors.
- Disposition of Property(ies): Execute the sale of assets in a manner that maximizes returns to creditors and stakeholders, as directed by court orders.
- Creditor Negotiations: Negotiate with creditors and stakeholders on settlement arrangements or payment plans as part of the restructuring or sale process.
Required Skills and Qualifications:
- Strong Financial Acumen: Extensive experience in financial management, accounting, or a related field to effectively manage the entity's financial affairs.
- Legal Understanding: Knowledge of legal processes related to insolvency, bankruptcy, or receivership, and the ability to navigate complex legal requirements.
- Leadership: Ability to lead and manage teams, operations, and strategies under challenging circumstances.
- Communication Skills: Excellent communication and negotiation skills to interact with courts, creditors, employees, and other stakeholders.
- Problem-Solving Skills: Strong analytical and decision-making capabilities to address and resolve issues efficiently.
- Detail Oriented: Precision and attention to detail in managing legal, financial, and operational tasks.
Education and Experience:
- A bachelor’s degree in Business, Finance, Law, or a related field. An advanced degree such as an MBA or JD is often preferred.
- Significant experience in financial management, law, or business administration, with a preference for expertise in bankruptcy or insolvency.
- Experience in a similar receivership role or in managing distressed assets.
Salary: $125,000 - $150,000 annually
The expected base salary for this position ranges from $125,000 to $150,000 annually. The actual base salary will be determined on an individualized basis taking into account a wide range of factors including, but not limited to, relevant skills, experience, education, and, where applicable, licenses or certifications held. In addition to base salary and a competitive benefits package, this position may be eligible for additional types of compensation including discretionary bonuses and other short- and long-term incentives (e.g., deferred cash, equity, etc.).
Note: The statements herein are intended to describe the general nature and level of work being performed by employees and are not to be construed as an exhaustive list of responsibilities, duties, and skills required of personnel so classified.
Newmark is an Equal Opportunity/Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex including sexual orientation and gender identity, national origin, disability, protected Veteran Status, or any other characteristic protected by applicable federal, state, or local law.
48 jobs found