9.01 Application for Appointment

When an application for appointment of a receiver is filed, the judge assigned to the case shall determine whether the application should be granted, and the appropriate procedure for notice and hearing, if any. The assigned judge shall have sole supervision of the case.

9.02 Duties of Receiver

In all cases where receivers are appointed by this Court, the procedures set forth in this rule shall apply.

(A) Control of Assets

Unless by entry, the Court specifically authorizes the receiver to continue a business, the receiver shall expeditiously take control of the assets of the defendant debtor; give notice to all known creditors of the appointment of receiver and afford them the opportunity to present and prove their claims; cause the assets to be inventoried and appraised; determine the validity and priority of creditors' claims; take such steps as may be necessary to reduce the assets to cash; and, make distribution of said cash among the various classes of creditors.

(B) Initial Report to Court

Within two (2) months after appointment, the receiver shall report to the Court, submitting an inventory and appraisement, including an accounting of receipts and expenditures to date. The several matters mentioned herein shall be considered by the assigned judge, whose approval shall be by entry, approved first by the receiver and the receiver's counsel.

(C) Semi-Annual Report

Semi-annually, after filing the first report with inventory, appraisement and account, the receiver shall file consecutively numbered reports with accounts for approval of the Court by entry as to all receipts and expenditures made by the receiver during the reporting period and a summary of plans for the future conduct of the receivership.

(D) Authority to Expend Funds

In cases involving receivers appointed to take charge of property and collect rents and other income, the receiver may expend funds to pay insurance premiums, water and utility bills, without first having obtained Court approval, and to pay for emergency repairs necessary for the proper maintenance of the property. For authority other than that conferred upon receiver by virtue of this Rule, the receiver shall make application to the Court.

(E) Report Prior to Sale

In all receiverships in which property appraised in excess of One Thousand Dollars ($1,000.00) is to be put up for public or private sale, the receiver shall file in advance of such sale, a report with the Court showing amount of expenditures incurred or to be incurred, prior to the time the sale is to be conducted.

(F) Application for Fees

Any application for payment of fees (partial or final) to a receiver and counsel for receiver, shall be submitted for approval by the Court. Written notice of the hearing on application for fees in excess of Five Hundred Dollars ($500.00), shall be served personally or by mail on all creditors or their counsel-of-record, unless otherwise provided by court order.

Such application shall show time spent on enumerated items; amounts of money collected, disbursed, and on hand; status of secured and unsecured creditors' claims, including amounts claimed, payments made thereon, and balances due; the amounts and dates of prior fees authorized in the case; and an estimate of the amount of time necessary to complete the work in the receivership and to make final distribution.