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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 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]
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 floating charge is a qualifying floating charge if it is expressed to be one, or if the security document purports to give the holder power to appoint an administrator or administrative receiver. The procedure for appointing an administrator under a qualifying floating charge is as follows:
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The Florida Administrative Code (FAC) is the official compilation of the rules and regulations of Florida regulatory agencies. [1] See also.
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Under UK law, unless an official receiver already holds office, the following types of formal insolvency procedure must be dealt with by a licensed insolvency practitioner: Administrations; Administrative receiverships; Bankruptcy; Company voluntary arrangements; Compulsory liquidations; Creditors' voluntary liquidations; Deeds of arrangement