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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.
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]
The judge, Marshall Piccinini, said he should have appointed the receiver sooner to help preserve Erie Rise's assets, now at about $1.9 million in public money.
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 ...
A receivership certificate entitles its holder to a portion of the receiver's collections on the failed institution's assets. Originally the only resolution method was to establish a temporary deposit insurance national bank that assumed the failed bank's deposits on behalf of the FDIC. [ 32 ]
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.
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. [1]