Rule 158 Sale of Assets; Notice to Creditors and Stockholders

When a receiver is selling company assets, they must notify certain people ahead of time. A receiver is someone appointed by the court to manage a company's assets, often when a business is closing down or in financial trouble.

At least 15 days before any sale, the receiver must mail a notice to two groups: creditors who have filed claims against the company, and stockholders. This gives those people advance warning that a sale is happening. The court can change this requirement if it sees a good reason to do so.