(This Section may contain text from a Public Act with a delayed effective date)

1. (a) Unless excused by the court, on completion of a receiver's duties, the receiver shall file a motion seeking approval of a final report and termination of the court's administration of the receivership property.

2. (b) The final report shall include:

   1. (1) a description of the activities of the receiver in the conduct of the receivership;
   2. (2) a list of receivership property at the commencement of the receivership and any receivership property received during the receivership;
   3. (3) a list of disbursements, including payments to professionals engaged by the receiver;
   4. (4) a list of dispositions of receivership property;
   5. (5) a list of distributions made or proposed to be made from the receivership for creditor claims;
   6. (6) if not filed separately, a request for approval of the payment of fees and expenses of the receiver and the receiver's professionals; and
   7. (7) any other information required by the court.
3. (c) If the court approves a final report filed under subsection (a) and the receiver distributes all receivership property, the receiver is discharged and the court's administration of the receivership property is terminated. The order approving a final report and termination of the receivership shall include such additional terms as the court deems appropriate.

(Source: P.A. 104-34, eff. 1-1-26.)