205 ILCS 620/6-11
2021 Illinois Compiled Statutes|Chapter 205 - FINANCIAL REGULATION|205 ILCS 620/ - Corporate Fiduciary Act.|Article VI - Receiver and Involuntary Liquidation

 (from Ch. 17, par. 1556-11)Sec. 6-11.         Upon the order of the court wherein the  Commissioner's complaint for the dissolution or winding up of the  affairs of the corporate fiduciary was filed, the receiver for  the corporate fiduciary shall have the power and authority and is  charged with the duties and responsibilities as follows:(1) The receiver may sell and compound all bad and doubtful  debts on such terms as the court shall direct.(2) The receiver may sell the real and personal property of  the corporate fiduciary, as distinguished from the real and personal  property of the beneficiaries of such fiduciary relations, on such terms  as the court shall direct.(3) The receiver may petition the court for the authority to  borrow money, and to pledge the assets of the corporate fiduciary  as security therefor, whereupon the practice and procedure shall  be as follows:(a) Upon the filing of such petition the court shall  set a date for the hearing of such petition and shall prescribe  the form and manner of the notice to be given to the officers,  stockholders, creditors and other persons interested in such  corporate fiduciary.(b) Upon such hearing, any officer, stockholder,  creditor or person interested shall have the right to be heard.(c) If the court grants such authority, then the  receiver may borrow money and issue evidences of indebtedness  therefor, and may secure the payment of such loan by the  mortgage, pledge, transfer in trust or hypothecation of any or  all property and assets of such corporate fiduciary, whether  real, personal, or mixed, superior to any charge thereon for the  expenses of liquidation.(d) Such loan may be obtained in such amounts upon  such terms and conditions, and with provisions for repayment as  may be deemed necessary or expedient.(e) Such loan may be obtained for the purpose of  facilitating liquidation, protecting or preserving the assets,  expediting the making of distributions to depositors and other  creditors, providing for the expenses of administration and  liquidation, aiding in the reopening or reorganization of such  corporate fiduciary or its merger or consolidation with another  corporate fiduciary, or in the sale of its assets.(f) The receiver shall be under no personal obligation  to repay any such loan and shall have authority to take any  action necessary or proper to consummate such loan and to provide  for the repayment thereof, and may, when required, give bond for  the faithful performance of all undertakings in connection  therewith.(g) Prior to petitioning the court for authority to  make any such loan, the receiver may make application for or  negotiate any loan subject to obtaining an order of the court  approving the same.(4) The receiver may make and carry out agreements with other  corporate fiduciaries, banks, or with the United States or any  agency thereof for the payment or assumption of the corporate  fiduciary's liabilities, in whole or in part, and the receiver may  transfer assets and make guaranties in connection therewith.(5) After the expiration of 4 weeks after the first  publication of the Commissioner's notice as provided in Section  6-9, the receiver shall file with the court a correct list of all  creditors of the corporate fiduciary, as shown by its books, who  have not presented their claims and the amount of their  respective claims after allowing all just credits, deductions and  set-offs as shown by the books of the corporate fiduciary.  Such  claims so filed shall be deemed proven, unless objections are  filed thereto by a party or parties interested therein within  such time as is fixed by the court.(6) At the termination of the receiver's  administration, the receiver shall petition the court for the entry of a judgment of  dissolution.  After a hearing upon such notice as the court may  prescribe, the court may enter a judgment of dissolution  whereupon the corporate fiduciary's corporate existence shall be terminated  and the receivership concluded.    (Source: P.A. 86-754.)