Receivership


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Related to Receivership: liquidation

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 ?
Tony Gordon, head of risk at Atradius Ireland, said: "We are able to confirm we will be supporting claims in the wake of the Irish Pride receivership.
Bank of Cyprus had placed Aqua Sol under receivership in October for unserviced loans, but was unable to collect the revenue stream from the eight hotels the company leased to MarisMare for a period of 13 years.
The process of administrative receivership is when an insolvency firm is appointed to control the whole or major part of a company's assets or property for the benefit of a creditor.
procedural innovations that had matured into the equity receivership.
Judith Zaffirini, D-Laredo, in response to written answers the TDI provided lawmakers on the proposal to put TWIA into receivership.
The recent success at 111 Great Neck Road demonstrates that a building in receivership can actually overcome these common obstacles with thoughtful, forward-looking oversight.
Recently the Receiver resolved a lawsuit against Holland & Knight LLP in the amount of $25 million resulting in a net recovery for the Receivership of over $18.
We prefer to assist owners and operators early, and accept a management contract before the receivership process is necessary, however, receivership projects are a reality of this challenging economic cycle.
Jose Montemayor, president of Prosperity Life, said, 'Very few insurance companies have emerged from receivership to resume business.
prevailing Central Time)(the "Bar Date") as the last date for each person or entity (including individuals, partnerships, corporations, joint ventures estates, trusts and governmental units) who asserts a claim (collectively, "Claimants", as more specifically defined below) against any of the Receivership Entities listed in the box below to submit a Proof of Claim Form.
We congratulate Bev on her success in gaining her qualification," said Neil Inman, who heads up Scanlans' receivership and restructuring team.
MBA's comments are not meant to promote any specific course of action for FHFA in receivership.