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#737802 - 05/22/07 04:24 PM Receivership Accounts
gcg Offline
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Joined: Mar 2007
Posts: 126
Can someone tell me what a "Receivership" deposit account is; how it should be titled; and what documentation I should get?

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Deposits and Payments
#738512 - 05/23/07 02:04 PM Re: Receivership Accounts gcg
LoisLane Offline
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LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
There are many types of receivership accounts. I'm most familiar with one in which the bankruptcy court appoints a trustee to take over the assets of a Chapter 7 case; money from other bank accounts and assets converted into cash are deposited into the trust (receivership) account so that claims can be paid.

In this case you would need documentation from the Bankruptcy Court, appointing the trustee (usually an attorney). The account is set up: Bankruptcy Estate of ABC Co, by John Smith, trustee.
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#738522 - 05/23/07 02:13 PM Re: Receivership Accounts LoisLane
gcg Offline
100 Club
Joined: Mar 2007
Posts: 126
Oh!, Thank-you, Thank-you! I thought no one was going to answer!
It is simply a fidicuary account, isn't it? Would it have its own EIN?

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#739443 - 05/24/07 01:49 PM Re: Receivership Accounts gcg
LoisLane Offline
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LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
I believe that it needs its own EIN (especially if it is in an interest bearing account).
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And where is Superman when I need him?

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#740101 - 05/24/07 09:32 PM Re: Receivership Accounts LoisLane
gcg Offline
100 Club
Joined: Mar 2007
Posts: 126
Thanks!

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