As a Blanket Receiver, JKM provides assistance to those parties who are directly responsible for the financial health of an Association, including the Board of Directors, Management Company and Association Counsel. It is important to note that a Blanket Receiver does not function as a Receiver over the operations of the Association. In addition, a Blanket Receiver is typically not an attorney. To the contrary, JKM works in conjunction with the Board of Directors, Management Company and Association Counsel in order to generate income to compensate all parties with outstanding balances.
In order to initiate the appointment of a Blanket Receiver, the Association must first file a petition with the Circuit Court that requests such an appointment. The Court then schedules a hearing date for the petition approximately 3 to 6 weeks after the date of the initial filing. At the hearing, the presiding Judge will review the Blanket Receivership Court Order that is drafted by Association Counsel and hear evidence that substantiates the financial difficulties facing the Association. The Judge may ask questions about the Order, suggest modifications to the language of the Order or simply approve it. Once the Order is approved by the Judge and is certified by the Court, it becomes effective immediately.
Once an Order is in effect, JKM will proceed with administration of the Order in accordance with our proprietary Blanket Receivership Policies and Procedures Manual. JKM has developed this procedures manual in order to assure consistency and fairness of administration to all receivership units. This manual includes step-by-step procedures and standard forms for the notification of unit occupants and owners; record keeping; unit-specific accounting policies and procedures; Court reports; renovation and lease-up of units; and evictions.