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In law, receivership is a situation in which an institution or enterprise is held by a receiver – a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights" – especially in cases where a company cannot meet its financial obligations and is said to be insolvent. [1]
A receivership is a court order to restructure debt, placing control of the company under a receivership. The principals of the company will stay in place and retain their titles, but likely will ...
A receivership is when an external administrator known as a "receiver" (usually a "receiver and manager" if it requires controlling the company) is appointed by a secured creditor to sell off a company's assets in order to repay the secured debt, or by the court to protect the company's assets or carry out other tasks. [1]
Liquidation may either be compulsory (sometimes referred to as a creditors' liquidation or receivership following bankruptcy, which may result in the court creating a "liquidation trust"; or sometimes a court can mandate the appointment of a liquidator e.g. wind-up order in Australia) or voluntary (sometimes referred to as a shareholders ...
acting as interim receiver or provisional liquidator: At any time after a petition for an insolvency order under section 122 of the Insolvency Act 1986 (c. 45) has been presented, the court may appoint the OR as interim receiver (for an individual) or as provisional liquidator (for a company). This is to protect a debtor's property, or take ...
Courts have long recognized these dual and separate capacities as having distinct rights, duties and obligations. The goals of receivership are to market the assets of a failed institution, liquidate them, and distribute the proceeds to the institution's creditors.
Receiver, a person who receives goods in a distribution center; Receiver, in receivership, a person appointed as a custodian of another entity's property by a court of law or a creditor of the owner, pending a lawsuit or bankruptcy; Metropolitan Police Receiver, formerly the chief financial officer of the London Metropolitan Police
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