Guam § 281412 - Receivership or Custodianship.

§ 281412. Receivership or Custodianship.

(a) A court in a judicial proceeding brought to dissolve a corporation

may appoint one or more receivers to wind up and liquidate, or one or more

custodians to manage, the business and affairs of the corporation. The court

shall hold a hearing, after notifying all parties to the proceeding and any

interested persons designated by the court, before appointing a receiver or

custodian. The court appointing a receiver or custodian has exclusive

jurisdiction over the corporation and all of its property wherever located.

(b) The court may appoint an individual or a domestic or foreign

corporation (authorized to transact business in Guam) as a receiver or

custodian. The court may require the receiver or custodian to post bond, with

or without sureties, in an amount the court directs.

(c) The court shall describe the powers and duties of the receiver or

custodian in its appointing order, which may be amended from time to time.

Among other powers:

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(1) the receiver:

(A) may dispose of all or any part of the assets of the

corporation wherever located, at a public or private sale, if

authorized by the court; and

(B) may sue and defend in his own name as receiver of the

corporation in all courts of Guam;

(2) the custodian may exercise all of the powers of the corporation,

through or in place of its board of directors or officers, to the extent

necessary to manage the affairs of the corporation in the best interests

of its shareholders and creditors.

(d) The court during a receivership may redesignate the receiver a

custodian, and during a custodianship may redesignate the custodian a

receiver, if doing so is in the best interests of the corporation, its

shareholders, and creditors.

(e) The court from time to time during the receivership or custodianship

may order compensation paid and expense disbursements or reimbursements

made to the receiver or custodian and his counsel from the assets of the

corporation or proceeds from the sale of the assets.