By Katie Mak ( June 13, 2018, 9:43 AM EDT) -- When a company defaults on its obligations to a secured creditor, the secured creditor may apply to court to appoint a receiver to take possession of and sell or liquidate the secured assets to repay the outstanding debt. A receiver that is appointed by order of the court owes a duty to not only the secured creditor, but also to the court and other stakeholders, to maximize the value of the assets. One powerful tool available to the receiver is the ability to disclaim: a court-appointed receiver is not bound by existing contracts made by the debtor and can exercise discretion to continue or disclaim contracts between the debtor and other parties....