Two momentous legislative overhauls dealing directly with debtor-creditor relations were enacted in the latter half of the 2010s. First, in 2016, the Missouri General Assembly enacted the Missouri Commercial Receivership Act. This act, signed into law by Governor Jeremiah “Jay” Nixon on July 13, 2016, constitutes a significant overhaul of Missouri’s statutory mechanism empowering the circuit courts of the state to appoint receivers for the collection and preservation of a financially distressed debtor enterprise’s assets. Prior to the enactment of Missouri Commercial Receivership Act, creditors, debtors, and interested third parties were guided only by three sparse statutory provisions dating to the 19th century and over 150 years’ worth of common law glosses from Missouri courts on the law of receivership.
Keith H. Holland & John M. McKenzie,
Navigating New Landscapes in Debtor Creditor Law: Select Provisions of the Missouri Commercial Receivership Act Compared to Federal Bankruptcy Law,
Bus. Entrepreneurship & Tax L. Rev.
Available at: https://scholarship.law.missouri.edu/betr/vol4/iss1/32