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 ?
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. Our 12-strong team has now returned to site with renewed confidence in the future of this project and in DA Green & Son's involvement in the delivery of the new Warwickshire College."
TOP young designer Ozwald Boateng has put his four companies into administrative receivership after losing Far East contracts worth pounds 1.2million.
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.
The fall in Midlands corporate insolvency numbers was only surpassed by London and the South-east, with a 37 per cent decrease in administration and administrative receivership appointments.
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.
The firm, which as well as Cardiff had offices in London, Bristol, Birming- ham and China, was put into administrative receivership after cash-flow problems.
However, the firm went into administrative receivership in October after financial support was withdrawn by its banks.
Around 30 people who work at the Hibernia head office in York are also expected to lose their jobs, following the company's fall into administrative receivership in October 2003.
Community centre: residents are aware that Ballast went into administrative receivership with only five weeks of work left for completion of the centre.

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