Legislation that attempts to spell out the steps necessary to place a business in receivership passed the House during this final week of the session.
The language contained in Senate Bill 578 , was pulled together by the Missouri Bar Association.
Receivership is a rare occurrence in the business world, and currently, when a business goes into receiver ship, individual judges are left to make rules concerning the process. After years of researching the situation, the Missouri Bar drafted the language in the bill that it hopes will be used as a step-by-step guideline when the situation occurs.
Senate Bill 578 also contains other provisions including language that allows a person to exempt firearms, firearm accessories and ammunition, not to exceed $1,500, from attachment in bankruptcy proceedings.
SB578, sponsored by Senate Democratic Floor Leader Sen. Joe Keaveny, passed out of the House overwhelmingly and is on its way to Governor Nixon’s desk.