Lowder v. All Star Mills, Inc.

BRANCH, Chief Justice.

Defendants first contend that the initial order appointing operating receivers was void. They maintain that the statutory authorization for appointing an operating receiver for a corporation requires a finding that the corporation is either insolvent or “is in imminent danger of insolvency.” G.S. 1-507.1. They concede that Finding of Fact Number 28 states specifically that “the corporate defendants are in imminent danger of becoming insolvent.” However, they argue that there are no findings to support “this naked assertion.” We disagree.

Statutory authority for the…