IL HB0028

Establishes the Illinois Receivership Act as a comprehensive framework governing court-appointed receivers who take possession of and manage property on behalf of the court, including real property, personal property, fixtures, and business entities

Authorizes courts to appoint receivers in various circumstances including to protect property from waste or dissipation, enforce judgments, handle dissolved or insolvent entities, foreclose on liens, or when debtors have agreed to receivership in signed agreements

Grants receivers broad powers to collect and manage receivership property, operate businesses, incur debt, assert legal claims on behalf of owners, subpoena records, and with court approval sell property, assume or reject executory contracts, and distribute proceeds to creditors

Creates an automatic stay upon receiver appointment that prevents creditors from seizing receivership property or enforcing liens, with exceptions for criminal proceedings, government regulatory actions, and perfecting security interests

Excludes residential real estate foreclosures and receiverships under specific Illinois statutes (banking, nursing homes, mortgage foreclosure) from the Act's coverage, and does not apply to receiverships appointed before the effective date