Maintaining Business Continuity Through a Complex Receivership & Sale
AT A GLANCE
Challenges:
Maintaining uninterrupted service during a court-supervised receivership
Identifying a buyer and executing a sale
Managing creditor claims while winding down the estate
Key Takeaways:
Maintained continuous business service throughout receivership
Sourced a buyer and completed the sale and operational handoff
Completed receivership on schedule, in 22 months
Completed the case with no contested hearings
OVERVIEW
A Seattle-based health information exchange served payers and providers across Washington, supporting hundreds of millions of data transactions each year at its peak. When Turning Point was appointed General Receiver in January 2024, working alongside receivership counsel Cairncross & Hempelmann, the company was still operating, with active customer contracts, employees, insurance programs, and creditor claims. Turning Point needed to maintain continuity while identifying a buyer, completing the sale and operational transition, and winding down the remaining estate under court supervision.
ACTIONS
Maintained operations and customer service throughout the receivership, confirming contracts could transfer to the buyer without renegotiation
Sourced a buyer and completed the asset sale and operational transition, coordinating the transfer of employees, contracts, insurance, and licensing
Administered the estate, managing court reporting, creditor claims, and administrative expenses
Resolved claims and disputes, including redirecting obligations that did not belong to the estate
Managed the final wind-down through termination and remaining administrative matters
RESULTS
Preserved estate value for creditors by appropriately resolving and redirecting claims
Completed all compensation notices without objection throughout the receivership
Concluded the receivership in 22 months with no contested hearings and all remaining administrative fees court-approved
TPSA Team: Eric Camm (Receiver); Erica Manning, CPA (estate Finance lead)
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