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.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
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Construction ground to a halt, and creditors, including the city of Green Bay, moved the project into receivership.
(3) The receiver shall file with the court an inventory of the property of the receivership estate within 35 days after entry of the order of appointment.
PKF's Phanuel Gad Wekesa held that he would not have called Stanbic's receivership wrong if he had been shown all the loan documents.
In March 2016, Carlson, saying it had not received adequate notice, moved to intervene and to enjoin the liquidation of LSI, asking the District Court to void the receivership and any sales of LSI's assets.
Court records showed that a petition has been filed by the stockholders of Banco Filipino questioning the validity of BSP MB 372-A, which placed the bank under receivership.
On May 4, DHS filed lawsuits to put Skyline's Spring Place Health & Rehab in Hazen and Dierks Health & Rehab into receivership after concerns surfaced over the company's finances and its ability to provide food to residents.
Anastasiades said that the referred law could not be implemented because with the cancellation of the receivership order, a reinstatement would be impossible as the affected person would cease to be bankrupt.
'This commission recognizes that the duly appointed conservators and receivers of insurance companies or MBAs under conservatorship or receivership may likewise reinsure said companies' outstanding policies as part of a rehabilitation strategy to restore said companies to financial viability, in accordance with Sections 255 and 256 of the same Code,' it said.
Taiwan's B3T2 bonds adopt a less easily triggered government receivership as the point of non-viability.
After the shipbuilder's failure to submit its self-rescue plan by midnight Monday, the KDB-led creditors said they would place the company under court receivership "in principle."
The Kenyan central bank has said that it is to extend Imperial Bank's receivership.
Prior to the receivership order filed in court last year (March 2016), Cedar Springs Capital tracked the situation at Aequitas and completed a preliminary assessment of the firm's private equity assets.