Key Takeaways:

The Illinois Receivership Act, effective January 1, 2026, creates a comprehensive legal framework for appointing and empowering receivers in Illinois, expanding their authority and clarifying both receiver and property owner obligations.

This new law significantly broadens when and how receivers can be appointed and gives receivers more autonomy and tools to manage distressed assets. Businesses, lenders, and property owners must be aware of new compliance requirements and the potential for expedited asset control and disposition.

Stakeholders should review their current practices and documentation related to Illinois assets, update internal protocols to ensure compliance with the Act’s new owner duties (such as timely information disclosure), and prepare for more proactiv

See Full Page