The making of an assignment shall be cause for the appointment of a receiver of the property of the assignor, and the public administrator of the county wherein the greater part of the assets of such assignor shall be situated, either on the public administrator’s own petition or on the petition of any creditor of the assignor, shall be appointed receiver of the property of such assignor, and shall proceed to administer and distribute the same in the place and stead of the assignee named in such assignment, and, as nearly as may be, in accordance with the terms and provisions of such assignment, under the supervision of the district court.