Receivership

/rɪˈsiː.vər.ʃɪp/

Meaning & Definition

noun

The state of being in the custody of a receiver, typically due to financial distress or insolvency, where the receiver is appointed by a court to manage the assets and affairs of a company or individual.

The company entered receivership after failing to meet its financial obligations.

A situation in which a person or entity is placed under the management of a court-appointed receiver.

The restaurant has been in receivership for several months as the owners seek a buyer.

The condition whereby a company is under the control of a receiver to protect its creditors while the business attempts to restructure.

During receivership, the business found ways to reduce operational costs and improve its financial standing.

Legal status of being managed by a receiver during bankruptcy proceedings.

The court declared the firm in receivership to ensure fair treatment of all creditors.

Etymology

From the word 'receiver' combined with the suffix '-ship', indicating a state or condition.

Common Phrases and Expressions

in receivership

A legal state where a receiver manages a company's assets.

go into receivership

To enter a state of receivership due to financial distress.

Related Words

receiver

A person or entity appointed by a court to manage the assets of a failing organization.

liquidation

The process of closing a business and distributing its assets to claimants.

Slang Meanings

Going under

The store is going under; they might end up in receivership.

In deep water

If they can't pay off their loans, they'll find themselves in deep water, possibly in receivership.