Analysis of Ohio's Amended Receivership Law | Page 8

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Receiver. The new provisions distinguishing the authority of
Property Receivers and Entity Receivers suggest, for example, that
the court would be on safe ground in entering an appointment order
that specifies, for the avoidance of doubt, that a Property Receiver
shall not file tax returns for the Entity.
Additionally, with a Property Receiver’s authority confined to
the particular property that is the subject of the action, a Property
Receiver would not have authority to supplant the Entity’s governing
body (a corporation’s board of directors, an LLC’s managers or
managing members, etc.) with respect to all governance matters for
the Entity. For example, the authority to file a petition under the
U.S. Bankruptcy Code on behalf of the Entity should be deemed
to continue to reside in the Entity’s governing body, and a petition
filed by a Property Receiver, as opposed to an Entity Receiver, may
well be subject to dismissal on the ground that it was not properly
authorized under applicable non-bankruptcy law.

General Powers of Receiver
New language in Section 2735.04 mandates that the order appointing
the Receiver is to set forth the Receiver’s powers (subject to
modification by the court or approved by the court upon application
of the Receiver or a party). (R.C. § 2735.04(A))
The statute also lists specific powers with which the Receiver may
be vested (revised or newly-added language is in italics):
• Bring and defend actions (R.C. § 2735.04(B)(1));
• Take and keep possession of real or personal property (R.C.
§ 2735.04(B)(2));

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