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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 not a legal process, but the court might order a receivership as a way for a company to manage debt. In that case, the court will appoint the receiver. ... Receiverships are not ...
The nature of the Act within Canada's legal framework governing insolvency was described by the Supreme Court of Canada in Century Services Inc. v. Canada (Attorney General): [13] Canadian commercial insolvency law is not codified in one exhaustive statute. Instead, Parliament has enacted multiple insolvency statutes, the main one being the BIA.
In finance, a floating charge is a security interest over a fund of changing assets of a company or other legal person.Unlike a fixed charge, which is created over ascertained and definite property, a floating charge is created over property of an ambulatory and shifting nature, such as receivables and stock.
The receivership overseeing 1,500 tenants in Skid Row is on the verge of failing unless a L.A. Superior Court judge acts quickly, receiver Mark Adams said in court filings.
A Law Reference Collection, 2011, ISBN 1624680003 and ISBN 978-1-62468-000-7; Trinxet, Salvador. Trinxet Reverse Dictionary of Legal Abbreviations and Acronyms, 2011, ISBN 1624680011 and ISBN 978-1-62468-001-4. Raistrick, Donald. Index to Legal Citations and Abbreviations. 3rd ed. London: Sweet & Maxwell, 2008. This book focuses more on British ...
Creditors take a decision at a creditors' meeting called to consider the IVA proposal. The return to creditors is often higher than they would receive in bankruptcy. A vote is taken – by value. 75% in value of those creditors who vote at the meeting by person or by proxy must agree in order for the arrangement to be approved.
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