receivership


re·ceiv·er·ship

noun \ri-ˈsē-vər-ˌship\

law : the state of a business that has been placed under the control of a receiver because it is bankrupt

Full Definition of RECEIVERSHIP

1
:  the office or function of a receiver
2
:  the state of being in the hands of a receiver

Examples of RECEIVERSHIP

  1. Years of financial difficulty eventually placed the company into receivership.

First Known Use of RECEIVERSHIP

15th century

receivership

noun    (Concise Encyclopedia)

In law, state of being in the hands of a receiver, a person appointed by the court to administer, conserve, rehabilitate, or liquidate the assets of an insolvent corporation for the protection or relief of creditors. It is a legal solution to a financial difficulty; it does not necessarily entail the termination of the corporate charter. See also bankruptcy, insolvency.

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