- /ri see"veuhr ship'/, n. Law.1. the condition of being in the hands of a receiver.2. the position or function of being a receiver in charge of administering the property of others.[1475-85; RECEIVER + -SHIP]
* * *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.
* * *▪ lawin law, the judicial appointment of a person, a receiver, to collect and conserve certain assets and to make distributions in accordance with judicial authorization. A receivership is properly an intermediate or incidental step toward some other principal objective and not generally the object of litigation. The principal objective may be the preservation of the assets pending a decision as to who should receive the property, or it may be the liquidation of the assets and the distribution of the proceeds to the parties entitled to them.A receivership may be general in character in that it comprises all the assets of the individual, partnership, or corporation, or it may be special, involving only the property subject to litigation.The powers of the receiver—syndic and Administrator in France and Germany, respectively—in dealing with the assets are based on statutory provisions or judicial decrees. As a practical matter the extent of the receiver's powers often is determined by the nature of the assets. For example, if the asset is unimproved real estate, the receiver's powers may involve simply the payment of taxes. If the asset is an apartment building, the receiver's powers could include management, collecting rents, and signing leases.If the court feels that, in the best interest of the parties involved, the assets should be liquidated, the court will authorize the receiver to sell the assets at a judicial sale, which is conducted in the form of an auction.
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receivership — re·ceiv·er·ship /ri sē vər ˌship/ n 1: the office or function of a receiver 2: a proceeding in which a receiver is appointed 3: the state of being in the hands of a receiver compare bankruptcy Merria … Law dictionary
Receivership — is used to denote a situation in which an institution or enterprise is being held by a receiver.United StatesSeveral regulatory entities have been granted power by the Congress to place banking and financial institutions into receivership. The… … Wikipedia
Receivership — Re*ceiv er*ship, n. The state or office of a receiver. [1913 Webster] … The Collaborative International Dictionary of English
receivership — (n.) late 15c., from RECEIVER (Cf. receiver) + SHIP (Cf. ship) … Etymology dictionary
receivership — ► NOUN ▪ the state of being managed by an official receiver … English terms dictionary
receivership — [ri sē′vərship΄] n. 1. Law the duties or office of a receiver 2. the state of being administered or held by a receiver … English World dictionary
receivership — the legal condition a company is placed in when an official receiver is appointed to investigate and manage its affairs. Glossary of Business Terms * * * receivership re‧ceiv‧er‧ship [rɪˈsiːvəʆɪp ǁ vər ] noun [uncountable] LAW FINANCE when a… … Financial and business terms
receivership — n. 1) to put a firm into receivership 2) in receivership * * * [rɪ siːvəʃɪp] in receivership to put a firm into receivership … Combinatory dictionary
receivership — re|ceiv|er|ship [rıˈsi:vəʃıp US vər ] n [U] if a business is in receivership, it is controlled by an official receiver because it has no money ▪ The company went into receivership with massive debts … Dictionary of contemporary English
receivership — [[t]rɪsi͟ːvə(r)ʃɪp[/t]] receiverships N VAR: oft in/into N If a company goes into receivership, it faces financial failure and the administration of its business is handled by the receiver. The company has now gone into receivership with debts of … English dictionary