National

National Receivership Services

Overview

A neutral receiver for distressed assets

When a lender, municipality, association or business partner asks a court to protect a property or company in dispute, the court can appoint a receiver: a neutral officer who takes control, keeps the asset running and reports back to the judge. ALPS has managed real estate since 1995 and acts as receiver for commercial, multifamily and residential property, community associations, trusts and businesses.

What we take on from the day of appointment:

  • Securing the property and keeping it insured
  • Collecting rents and paying operating expenses
  • Handling repairs, code violations and deferred maintenance
  • Leasing, vendor oversight and day-to-day operations
  • Regular reports to the court and the parties
  • Preparing the asset for sale, refinancing or return to the owner when the court directs

Who asks for a receiver

And why

A receiver is requested by the party that needs a neutral hand on the asset while the case runs:

  • Lenders and special servicers in foreclosures and loan defaults, to protect rents and collateral
  • Municipalities enforcing building and safety codes on neglected property
  • Condo and homeowner associations facing unpaid assessments, deadlocked boards or deferred repairs
  • Trustees, beneficiaries and estates that cannot agree on real property
  • Partners and shareholders in a dispute over control of a business or its cash

How an appointment works

From motion to discharge

Every receivership follows the order of the court that makes the appointment. In most cases it runs in five stages:

  • Motion. Counsel files the request and proposes a receiver. We provide our qualifications for the motion.
  • Order and bond. The court sets the receiver's powers. Where the court or the statute requires a bond, we post it before taking possession.
  • Possession. We typically take possession within 24 to 48 hours of appointment, securing the site and notifying tenants and vendors.
  • Operations and reporting. Rents, expenses, repairs and leasing run through the receivership, with reports to the court and the parties.
  • Resolution and discharge. When the court orders a sale, refinancing or return of the asset, we hand over the property and file a final accounting.

Rules vary by state

Local law, one standard of care

Receiverships are governed by state law and local court rules, so a receiver's powers, bond, notice duties and reporting differ from one courthouse to the next. More than a dozen states have adopted versions of the Uniform Commercial Real Estate Receivership Act, including Illinois, whose Illinois Receivership Act took effect on January 1, 2026. We work from the appointment order and the rules of the court that issues it.

ALPS is based in the Chicago area. See Chicago receivership services for how receiverships work in Cook County and under Illinois law.

Our Receivership Services

01

Court-Appointed Receivership

ALPS Property Management offers court-appointed receivership services to stabilize and restore distressed real estate nationwide, ensuring legal compliance and asset value for all stakeholders.

02

HOA & Condo Receivership

We provide receivership services for struggling HOAs and condo associations nationwide, taking over operations to stabilize finances, resolve conflicts, and restore order. Our goal is to help communities regain functionality and transition back to effective self-governance.

03

Receivership for Foreclosed Properties

Our team handles everything from maintenance and repairs to financial reporting for foreclosed properties, ensuring a smooth and transparent process for all parties involved.

04

Commercial Real Estate Receivership

We ensure transparency, financial accountability, and hands-on management for commercial real estate, stabilizing operations, preserving asset value, and preparing properties for sale, lease, or repositioning.

05

Receivership Services for Banks & REITs

Strategic receivership services to banks, REITs, and private equity firms are key when working with banks and REITs. Our team acts quickly to protect asset value, handle legal compliance, and prepare properties for sale or transition, ensuring a smooth process for all stakeholders.

06

Property Preservation & Construction

With decades of experience managing receivership cases, we know how to protect your investment and prepare distressed assets for recovery or sale

Discover

Nationwide Expertise

With more than 30 years of experience in the Chicago market, The ALPS Group provides nationwide trusted receivership services across a wide range of property types—from office and retail spaces to industrial, mixed-use, and HOA-managed communities. Our team delivers the court-appointed expertise needed to stabilize distressed assets, preserve property value, and protect stakeholders throughout the US.

Ready to appoint a receiver?

Whether you’re filing the motion or holding the note — send us the asset.