(a) With court approval, a receiver may engage an attorney, accountant, appraiser, auctioneer, broker, or other professional to assist the receiver in performing a duty or exercising a power of the receiver. The receiver shall disclose to the court:
(1) The identity and qualifications of the professional;
(2) The scope and nature of the proposed engagement;
(3) Any potential conflict of interest; and
(4) The proposed compensation.
(b) A person is not disqualified from engagement under this section solely because of the persons engagement by, representation of, or other relationship with the receiver, a creditor, or a party. This article does not prevent the receiver from serving in the receivership as an attorney, accountant, auctioneer, or broker when authorized by law.
(c) A receiver or professional engaged under subsection (a) of this section shall file with the court an itemized statement of the time spent, work performed, and billing rate of each person that performed the work and an itemized list of expenses. The receiver shall pay the amount approved by the court.
Structure West Virginia Code
Chapter 55. Actions, Suits and Arbitration; Judicial Sale
Article 21. Uniform Commercial Real Estate Receivership Act
§55-21-3. Notice and Opportunity for Hearing
§55-21-6. Appointment of Receiver
§55-21-7. Disqualification From Appointment as Receiver; Disclosure of Interest
§55-21-8. Bond; Alternative Security
§55-21-9. Status of Receiver as Lien Creditor
§55-21-10. Security Agreement Covering After-Acquired Property
§55-21-11. Collection and Turnover of Receivership Property
§55-21-12. Powers and Duties of Receiver
§55-21-14. Stay of Other Actions; Injunction
§55-21-15. Engagement and Compensation of Professional
§55-21-16. Use or Transfer of Receivership Property Not in Ordinary Course of Business
§55-21-18. Defenses and Immunities of Receiver
§55-21-19. Interim Report of Receiver
§55-21-20. Notice of Appointment; Claim Against Receivership; Distribution to Creditors
§55-21-22. Removal of Receiver; Replacement; Termination of Receivership
§55-21-23. Final Report of Receiver; Discharge
§55-21-24. Receivership in Another State; Ancillary Proceeding
§55-21-25. Effect of Enforcement by Mortgagee
§55-21-26. Uniformity of Application and Construction
§55-21-27. Relation to Electronic Signatures in Global and National Commerce Act