Bankruptcy & Receivership

(The Coronavirus Effect)

  1. Before the COVID-19 pandemic the economy had been thriving, and the majority of businesses, if well managed, had been doing well and enjoying healthy margins.
  2. Millions of businesses in the U.S. have since suffered financially during the recent and sudden unprecedented social and economic shutdown.
  3. Many businesses have already closed for good. Many others are wondering whether they will be able to sustain financially after the damage of the last many months.
  4. Business and office closures have left thousands and thousands of properties vacant, underused, unwatched and much more vulnerable to damage and/or vandalism.
  5. Many thousands of commercial property owners are facing business difficulties and even economic devastation such as foreclosures, bankruptcies and receivership conditions.

At Globe Midwest Adjusters International

We understand the complications that arise when insurance claims occur involving properties that are in receivership or bankruptcy. With many commercial offices and business locations experiencing decreased activity and occupancy, and increased vacancy levels due to closures from the pandemic, there is increased exposure to fire, vandalism, broken pipes, flooding, etc.

As part of the process of settling property insurance claims, we have decades of experience working with court-appointed receivers, bankruptcy attorneys, bankruptcy trustees, replacement executives and associated court processes. We work in concert with legal counsel and other key stakeholders to successfully sort out the details and obtain a full recovery of the value of the assets involved — and our track record is long and strong.

We have the background to navigate these complex situations and specialized knowledge of precisely what the insurance companies require in terms of damage documentation. We have the experience to be able to structure claims that reflect the full and true conditions of the damage that has occurred and the comprehensive scope of the loss suffered. We also understand how essential it is, when court proceedings are as formal as those involved in bankruptcy and receivership declarations, that a property claim prepared as part of those actions be precise, comprehensive, accurate and professional in presentation.

We have the proven expertise, long experience, and excellent reputation and track record to demonstrate our ability to provide the highest level of assistance to you and your clients as you work through these lengthy and complicated processes. We are experts with proven skills at making sure claims are processed and documented professionally, comprehensively and accurately. Our company has been routinely approved and certified by bankruptcy courts, trustees and receivers in these matters, thereby becoming part of the team that allows for a full and complete development of the available insurance proceeds and increase in assets.

Consider us as your trusted advisors – experts who can join your team – trusted advisors and navigators to assist you through the extra complication of a property insurance claim during an already difficult and trying process.


Since bankruptcy is its own complicated process, now is not the time for you — as a trustee — to take on a large loss insurance claim. Licensed public adjusters help a trustee and the trustee’s “duty to cooperate” if the trustee is pursuing an open insurance claim for the benefit of the estate.

  • Property of a bankruptcy estate, including insurance claims that are NOT abandoned by the trustee, remain the property of the bankruptcy estate. The trustee stands in the shoes of the debtor and has standing to bring any action that the bankrupt party could have brought had they not filed a petition for bankruptcy.
  • The type and value of personal property items claimed on the bankruptcy schedules may significantly affect the amount owed on a theft or fire claim for personal property loss. If a debtor fails to disclose items of personal property on bankruptcy schedules, or discloses property at a different value, the insured may be estopped from presenting claims for non-disclosed or undervalued items to their insurer. As such, partnering with us early in the process will garner the best results.
  • Bankruptcy trustees are charged with maximizing the value of the estate’s assets, and this includes offering certain experts to the court to help accomplish the trustee’s charge.
  • Real estate and/or business assets that are subject to an insurance claim can provide an opportunity to maximize the estate’s overall value.
  • Understanding the size, complexity and value an insurance claim has on an impaired asset can assist in establishing the right strategy for a 363 liquidating bankruptcy.
  • A licensed public adjuster can help a debtor/trustee honor the duty to “truthfully and accurately report all debts, assets and liabilities, including personal property.”


As professional property loss consultants, we are often appointed to assist receivers when the receivership estate has a property insurance claim that it must pursue. Our expertise empowers receivers to fulfill their duty to recover all available funds for the benefit of the creditors and stockholders of the corporation.

  • When a business goes into receivership, the receiver serves as the “trustee” of the receivership estate. This places substantial duties and powers in the hands of the receiver.
  • Receivers are fully aware of this awesome responsibility and how complicated it can become when pursuing numerous and varied debts and other claims of the business.
  • Fortunately, the Code of Federal Regulations provides receivers with the ability to utilize all available tools to properly fulfill their duties, including hiring professionals, such as public adjusters, to assist with receivership in property insurance claims.

About The Authors

Co-authored by Steve Severaid, SPPA, Senior Vice President and Treasurer of The Greenspan Co./Adjusters International; Ethan Gross, JD, Chief Executive Officer of Globe Midwest Adjusters International and Stuart Dorf, JD, Senior Vice President Business Development/Marketing of Globe Midwest Adjusters International.

Ethan A. Gross, JD
Globe Midwest Adjusters International

Ethan A. Gross is the Chief Executive Officer of Globe Midwest Adjusters International. During his 25-plus years as a public insurance adjuster, Mr. Gross has managed numerous complex claims resulting in favorable settlements on behalf of homeowners and multi-million-dollar corporations throughout the United States and Canada. He is often appointed to serve as an arbitrator in resolving disputed insurance claims, and as an appraiser and umpire in statutory appraisals. Mr. Gross frequently writes for and presents on insurance claims issues to professional groups throughout the country.

Before joining Globe Midwest as a fourth-generation public adjuster, he worked as an attorney specializing in first party property insurance litigation. He is a member, and former board member, of the National Association of Public Insurance Adjusters and is the current President of the Michigan Association of Public Insurance Adjusters. Mr. Gross also belongs to both the American Bar Association and the Michigan Bar Association. He earned a B.S. from Eastern Michigan University in 1989 and graduated Magna Cum Laude from the Michigan State University College of Law in 1993.

Stuart Dorf, JD
Senior Vice President Business Development/Marketing

Globe Midwest Adjusters International

Stuart Dorf, JD, is a licensed public adjuster and attorney who represents property and business owners during the insurance claim process to ensure a fair and just settlement. Stuart frequently works with attorneys, CPAs, financial advisors and other trusted advisors to bring public adjustment services to their property and business owning clients. He has published several articles on a variety of property insurance claim topics and also presents insurance courses certified by the state of Michigan for Continuing Education credits.

Steve Severaid, SPPA
Senior Vice President and Treasurer
The Greenspan Co./Adjusters International

Steve Severaid joined The Greenspan Co./Adjusters International in 1992, and he began his career in public adjusting in 1989. Steve’s responsibilities within the company include management duties, as well as working as a team leader to zealously advocate for individuals, communities and businesses that have suffered major losses. From water damage and wildfires to tidal waves and earthquakes, Steve has seen the aftermath of nearly every type of property damage and has put almost every type of property and casualty insurance coverage to the test.

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