JEFFERSON CITY — Its passage started Jan. 14, when Senate Bill 578 was voted out of its first committee. That passage concluded today with the bill being Truly Agreed. Senator Joe Keaveny (D-St. Louis) stated, “Slow and steady wins the race.”
Senate Bill 578 would modify Missouri law relating to commercial receiverships, a legal process by which a court appoints an entity or individual to be responsible for property, assets and rights of a business. This is a court action frequently made when a business cannot meet its financial obligations. Commercial receivership is used as an alternative to bankruptcy that, while valuable in some instances, can be a slower and more costly process.
“While there are lots of bills that strive to help businesses with incentives or getting started, an important part of business is struggling through tough times,” Sen. Keaveny said. “I am very thankful that this bill may help some of our local Missouri businesses to stay in business and weather bad economic storms.”
Most courts rarely see commercial receivership cases, and existing statutory law leaves many questions unanswered or creates uncertainty to the appropriate means of administering a commercial receivership estate. Missouri lacks a uniform set of standard and developed statutes and guidelines for when courts are faced with the duty to administer receiverships.
For more information, visit Sen. Keaveny’s official Senate website at www.senate.mo.gov/keaveny.