Chris, I have some prior experience with a business in receivership. It can be a touch spot to be in because you often run into demanding lenders who are "trying to get their money back." Your court appointed job is to liquidate the assets while considering the needs of all shareholders. In reality, the liquidated value doesn't get very far into the cap table.
That said, it's also a place you may find significantly undervalued assets that were forced into the dire position due to mismanagement. I'd be curious to hear what a distressed/restructuring investor would have to say on the topic (i.e., finding opportunities via this channel).