Our principal officers are well acquainted with the court proceedings involved in the appointment of a receiver. Our experience gives us the ability to efficiently go through the legal process with our clients including insuring that the all important Order Appointing a Receiver is adequate in its scope and provides the necessary tools for both a smooth transition but also cleaning up unpaid bills and leases.
Utilizing our management know-how and our company’s flexible structure, we are able to smoothly take over operation of the property, on very short notice if necessary. When we become receiver, we enter it as we would any brand we manage. As you would expect, we will be present at the property at the time of takeover to become familiar with its operations and implement the necessary changes. The appropriate background checks are performed on all employees and they are rehired and placed on the payroll of an affiliate of ours in order to reduce the investor’s associated risk.
We make sure that the assets of the property, both physical and monetary are protected and accounted for. Financial and accounting work for the property is done by experienced staff in our offices. The accounting system that Morrissey Hospitality Companies utilizes permits our clients to view financial data over the internet using a web browser, allowing the interested parties to stay up to date with the business of their asset. Additional reports are prepared and submitted as necessary.
MHC is able to efficiently develop and execute the necessary business plans that will increase the efficiency and appearance of a property. This will help the selected broker show the property in the best possible light to prospective buyers.