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Receivership |
Also found in: Financial, Encyclopedia, Wikipedia | 0.01 sec. |
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A court order whereby all the property subject to dispute in a legal action is placed under the dominion and control of an independent person known as a receiver. Receivership is an extraordinary remedy, the purpose of which is to preserve property during the time needed to prosecute a lawsuit, if a danger is present that such property will be dissipated or removed from the jurisdiction of the court if a receiver is not appointed. Receivership takes place through a court order and is utilized only in exceptional circumstances and with or without the consent of the owner of the property. receivership n. the process of appointment by a court of a receiver to take custody of the property, business, rents and profits of a party to a lawsuit pending a final decision on disbursement or an agreement that a receiver control the financial receipts of a person who is deeply in debt (insolvent) for the benefit of creditors. Thus, the term "the business is in receivership." (See: receiver) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| ? Mentioned in | ? References in periodicals archive | |
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Bryson attributed the quarterly loss to a charge of $77 million, or
24 cents a share, for Edison Mission Energy's Lakeland project,
which was placed into administrative receivership in the United Kingdom.
Pivotal Games Limited was placed into administrative receivership on 5
September 2003 following the appointment of an administrative receiver. It is Fitch's current understanding, based on very limited
information, that if the restructuring proposal is rejected, this means
that WBGL would be unable to make the full payment on the interest
payment date on March 1 this year unless the issuer enters
administration or administrative receivership (in which case, Investcorp
will provide the necessary funds). |
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