Can Someone Explain This?

Judge Valerie Manno Schurr appointed Mark Meland as a receiver for a company after finding it in "default" for failing to turn over financial records to South Florida power broker Chris Korge, who is represented by Kendall Coffey.

Huh?

Was the "default" a discovery sanction?  Did the Judge strike the defendant's pleadings?  Is that what the "default" means?

How do you get from a discovery sanction to the appointment of a receiver?

Even if the obligation to turn over records was contractual, as opposed to arising from the defendant's discovery obligations, I'm not following how a finding of "default" leads to the appointment of a receiver to run the business.

Maybe Bob Zarco, who represents the defendant, can explain this one, because something seems off about this story.