(1) The court within the proper county may sequestrate the property of a debtor and appoint a receiver therefor:
(a) When an execution against a judgment debtor is returned unsatisfied in whole or in part.
(b) When a corporation has been dissolved or is insolvent or is in imminent danger of insolvency or has forfeited its corporate rights.
(2) Upon application duly made, the court shall appoint as receiver the person nominated by the petitioning creditor or creditors, subject to s. 128.10. A defendant who was notified of the proceeding to appoint a receiver and participated in the proceedings cannot, after the lapse of one year, object to irregularities. Home Bank v. Becker, 48 Wis. 2d 1, 179 N.W.2d 855 (1970). Due process procedures required for determination of receivership are not required for selection of a receiver. Anchor Coatings, Inc. v. De Gelleke Co., 71 Wis. 2d 333, 237 N.W.2d 725 (1976). The power recognized by sub.
(1) is inherent in the courts. Northridge Bank v. Community Eye Care Center, Inc., 91 Wis. 2d 298, 282 N.W.2d 632 (Ct. App. 1979).