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)

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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.
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These courts recognized that in some instances it was more beneficial to policyholders and creditors for financially troubled insurers to find economic solutions short of formal receivership --like debtor in possession plans in bankruptcy law.
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The goal is putting an end to the receivership cases being 15-20 years old.
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The move comes after NWS Dock Management, which previously ran the dock and which also own a clutch of other buildings on the waterfront, went into administrative receivership earlier this month.
Marina firm in financial trouble

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