When a business or some entity is undergoing the process of legal dissolution, or through bankruptcy, the presiding court may appoint a receiver who is charged with managing the day to day affairs of the business.
Receivers, among other responsibilities, have the power to pay bills, pay creditors, receive payments, and practically anything which involves the operations of a business.
A South Carolina court which has appointed you (or, for legal counsel --- your client), as receiver may require that as a condition of being appointed receiver, you must first obtain a surety bond.
No amount of surety bond is specified by South Carolina statute; however, you are informed that the amount of surety bond will be “...in an amount the court directs.”
For any amount up to and including $100,000, AmeriPro Surety Bonds offers the South Carolina receiver bond as an instant issue purchase, unless the bond is for one going through a bankruptcy.
This means that after completion of an application (which can be done over the phone), and payment of the surety bond premium, the receiver bond will be issued to you immediately. Upon receipt of payment, a copy of the bond can be emailed to you, and the original will follow in the mail the same or following business day.
There is no credit check or underwriting review for the receiver bond up to and including $100,000.
Amounts Greater than $100,000
For a SC receiver bond which is greater than $100,000, a standard application, a soft credit inquiry, and an underwriter view are standard procedure before the receiver bond can be issued. You may or may not be asked to provide additional information.
Receivers may expect to be such for an extended period of time. The surety bond of receivers is issued with a standard term of one year; thereafter the bond is renewed. Our agency offers you the ability to prepay this bond for 2 or 3 years, thereby offering you a savings over year to renewal of the bond premium.
As an example, a $100,000 receiver bond prepaid for 2 or 3 years (a 1 year term is $500 for non-bankruptcy receivers) will have the following premium options:
The surety bond’s requirement is a financial guarantee which ensures that you will act in a proper fiduciary capacity as receiver.
The bond protects against acts of fraud, malfeasance, and misrepresentation on the part of a receiver.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit and court surety bonds throughout South Carolina.
Our agency also provides surety bonds nationwide.
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