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- DictionaryRe·ceiv·er·ship/rəˈsēvərˌSHip/
noun
- 1. the state of being dealt with by an official receiver: "the company went into receivership last week"
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- Receivership
Trustee management of an organisation, typically due to insolvency
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. The receivership remedy is an equitable remedy that emerged in the ... Wikipedia
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