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What is "receivership"

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receivership
Longman Dictionary of Contemporary English
receivership
noun
COLLOCATIONS FROM CORPUS
■ ADJECTIVE
administrative
▪ Airedale Holdings' banks put the company into administrative receivership and have taken control of its subsidiary, the kitchens retailer Magnet.
▪ I am unable to derive any assistance from the provisions relating to administrators on the question of administrative receivership.
■ VERB
go
▪ But it was sold to Tranwood Consortium late last year for just £1.6 million, just before going into receivership.
▪ Founded in 1984, this company lasted until 1986 before it, too, went into receivership.
▪ The other directors wanted Lincoln to go into receivership.
▪ Landhurst went into receivership earlier this year.
▪ The hotel in Deganwy where the reception is to be held has gone into receivership.
▪ Lincoln went into receivership and was put up for sale on 4 February, 1922.
▪ They could not secure enough cash quickly and despite several last ditch attempts, went into receivership.
EXAMPLES FROM CORPUS
▪ After being refused funds by its banks, Mowat was placed in receivership.
▪ But it was sold to Tranwood Consortium late last year for just £1.6 million, just before going into receivership.
▪ Counsel for the receivers argued that until they had terminated the receivership, B and L could not control them.
▪ Founded in 1984, this company lasted until 1986 before it, too, went into receivership.
▪ Landhurst went into receivership earlier this year.
▪ The courts, after all, could destroy the International Union: they could put us in receivership.
▪ The hotel in Deganwy where the reception is to be held has gone into receivership.
▪ The other directors wanted Lincoln to go into receivership.
The Collaborative International Dictionary
Receivership

Receivership \Re*ceiv"er*ship\, n. The state or office of a receiver.

Douglas Harper's Etymology Dictionary
receivership

late 15c., "office of a receiver" (of public revenues), from receiver + -ship. As "condition of being under control of a receiver," 1884.

Wiktionary
receivership

n. 1 (context legal English) The office and duties of a receiver. 2 (context legal English) The state of being under the control of a receiver. 3 (context legal business English) A form trusteeship of bankruptcy administration in which a receiver is appointed to run the company for the benefit of the creditors.

WordNet
receivership

  1. n. the state of property that is in the hands of a receiver; "the business is in receivership"

  2. a court action that places property under the control of a receiver during litigation so that it can be preserved for the benefit of all

  3. the office of a receiver

Wikipedia
Receivership

In law, receivership is the situation in which an institution or enterprise is being 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 or enters bankruptcy. The receivership remedy is an equitable remedy that emerged in the English Chancery courts, where receivers were appointed to protect real property. Receiverships are also a remedy of last resort in litigation involving the conduct of executive agencies that fail to comply with constitutional or statutory obligations to populations that rely on those agencies for their basic human rights. There are several types of receiver appointments:

  1. Appointed by a government regulator
  2. Privately appointed receiver
  3. Court-appointed receiver

The receiver's powers "flow from the document(s) underlying his appointment"—i.e., a statute, financing agreement, or court order.

Usage examples of "receivership".

Having mixed himself up in certain important matters in Spain with generals at that time in opposition, he had made the most of these connections to the Minister, who, in consideration of the place he had lost, promised him the Receivership at Sancerre, and then allowed him to pay for the appointment.

I take your money and I am forced into bankruptcy and my senior company into receivership, my note to you could not be in a preferred position.

Have you ever applied for bankruptcy or had a petition of involuntary receivership filed against you or been a director or responsible officer of any business, partnership, or corporation that has applied for reorganization under paragraph thirteen of Public Law Ninety-Seven of the California Confederacy Civil Code?

Two of them were placed in receivership, another liquidated completely, and the fourth was able to pull through by switching to the manufacture of tablecloths and American flags.

During the past decade the symphony orchestras of both Denver and San Diego have fought to recover from receivership.