Inglewood, Court-Appointed Receiver for Steel Fabricator, Resolves Litigation, Pays Creditors in Full and Returns Business to Owner

When a significant judgment, garnished bank accounts, and an inability to pay its bills threatened Boardman Steel Fabricators, Inc., the court appointed Inglewood as receiver for the company. What followed shows what a court-appointed receiver can accomplish: litigation resolved, every creditor paid in full, and the business returned to its owner.

A Court-Appointed Receiver's First Move: Control the Cash

Inglewood immediately implemented cash flow controls and cash flow forecasting. The discipline was straightforward: every bill that came due during the receivership was paid solely from incoming cash receipts.

Settling the Judgment and Verifying Every Claim

Inglewood then entered negotiations with the holder of the judgment and secured a settlement at more than a 40% reduction from the original judgment amount.

Next, Inglewood ran a proof of claim process to determine the full extent of existing liabilities and flush out any unrecorded potential liabilities. That process also produced several favorable resolutions of vendor disputes.

A Court-Approved Plan to Pay Creditors in Full

With liabilities verified through the proof of claim process and cash flows projected, Inglewood worked with the owner to develop a plan to pay all creditors in full, funded by the company's cash flows augmented by a loan from the owner. The court approved the plan, and it was implemented.

Upon completion of the plan, control of the company was returned to the owner free and clear of all liabilities pre-dating the receivership.

In the Owner's Words

"As a result of Inglewood's patient and professional work, all of the vendors have been paid in full, my business is thriving and Boardman Steel is positioned to service this area's steel fabricating needs for many years to come."

David Deibel, owner, Boardman Steel Fabricators

For companies facing litigation, garnishment, or a cash crisis, Inglewood's receivership work sits alongside its broader turnaround consulting practice: protect the business, treat creditors fairly, and hand the company back to its owner.