Receivership

usgb/rɪˈsiːvərʃɪp/
noun

A situation in which a court appoints a person to operate a company because it cannot pay its debts.

The company was placed into receivership due to their inability to repay their loans.
Visual representation of "receivership" - A situation in which a court appoints a person to operate a company because it cannot pay its debts.

Often appears as...

  • placed into receivership
  • company in receivership

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Formal

Technical

Definition 1 of 1
Visual representation of "receivership"
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Legal Process

Receivership is a legal process and involves the court.

Illustration for Legal Process
Due to severe financial problems, the court ordered the company into receivership.
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Not Bankruptcy

Receivership is different from bankruptcy, though they both deal with debt issues.

Illustration for Not Bankruptcy
While the company was in receivership, they tried to avoid filing for bankruptcy.
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Court-Appointed Manager

A receiver is a person the court appoints to oversee the company.

Illustration for Court-Appointed Manager
A receiver took control of the assets during the period of receivership.
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Compare with

administratecontrolcustodymanagementoversightstewardshipsupervisiontrusteeship
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Visual representation of the word "Receivership"

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