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 ?
Pivotal Games Limited was placed into administrative receivership on 5 September 2003 following the appointment of an administrative receiver.
She said: "It is understood locally that Dinorwic Marina is in administrative receivership.
MarSmith, director of structural steelwork company, DA Green & Son, added: "As a sub-contractor, we were all too aware of the vulnerability of our position when the news broke that Ashford Construction had gone into administrative receivership.
Around 850 jobs were lost after ASW went into administrative receivership last July.
TransTec went into administrative receivership in December 1999 after it emerged a pounds 11.
7) Administrative receivership is not the only way used by whole business securitization to gain control over the assets of the originator.
The firm went into administrative receivership last summer with debts of pounds 1.
TOP young designer Ozwald Boateng has put his four companies into administrative receivership after losing Far East contracts worth pounds 1.
The management of 22 companies under Koza ypek Holding has been under administrative receivership since late last month, when an Ankara court ruled that Koza was suspected of financing terrorism.
Brooklyn Motors was placed in administrative receivership yesterday.
The company, now owned by Ruabon Sales Ltd, laid off more than 80 workers last month when it went into administrative receivership.
Harvey Ingram, which also helped set up the management buy-out after the company was placed into administrative receivership last autumn, organised its move to the new complex.

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