Receivership

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Receivership

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)

References in periodicals archive ?
Showpla was first bought out of administrative receivership by Webgrove in 1998.
The company went into administrative receivership in January, 2000 with an estimated pounds 1.
5 million went into administrative receivership in February.
The decision to go into administrative receivership threatens 1,000 jobs in the Welsh capital, plus 300 more in Sheerness, Kent, and 30 in Belfast.
MORE than 1,000 jobs were under threat today after steel group ASW said it was to go into administrative receivership.
UP TO 150 jobs have been saved at an industrial cleaning firm which was put into administrative receivership earlier this month.
Display Associates, which made shop fittings, stopped trading on May 12 after being placed into administrative receivership in April.
Bristol, like Moseley, have encountered their share of financial problems recently but they emerged relatively unscathed from going into administrative receivership for a short period during the summer.
Furthermore, Harris has written off its net investment in its foreign subsidiary, which filed a request for administrative receivership in England on April 29, 1992.
A breach of these covenants could enable the security trustee to place Welcome Break Group Limited into administrative receivership.
The purchase of K2 out of the administrative receivership of Neil Grinnall Properties is Bond Wolfe's first move into Worcester and one that managing director Rory Daly said was long overdue.
associated subsidiaries, such companies entered administrative receivership.

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