The condition a person or firm is said to be in when a court appoints someone (the receiver) to administer the affairs of that person or firm because he, she or it is unable to meet debts as they mature. The receiver administers matters until a decision is made to reorganize or to liquidate. If the decision by the court or by the owners is to liquidate, the receiver carries out the liquidation, although his or her title is changed to trustee in bankruptcy.
When a company is unable to pay its debts it may be put into receivership. A receiver is appointed to run the business and they will sell its assets in order to pay off its debts.
Dealing with legal problems that arise when a creditor has appointed a receiver to run a company's business with a view to clearing debts owed to the person making the appointment.
The state of affairs when a receiver is appointed to recover debts of a company which has failed. In the case of a large company, with subsidiaries, the receiver may seek a buyer for a subsidiary, and this can often lead to an MBO, an MBI or a trade sale.
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.
The state of an insolvent individual or business in bankruptcy proceedings when the court appoints a person to take charge of all legally relevant assets in order to preserve them for sale and distribution to creditors.
a state court action in which on or more creditors petition the court to have a receiver appointed to take over operation of the debtor's business
A remedy which may be granted by a court of law in an appropriate case, whereby a person is appointed as a receiver to posses, manage and protect money or property until the litigation involving the property is concluded.
a situation in which a receiver has been appointed by a court to take custody and control, and manage the property and funds, of another person or firm pending further judicial action concerning that person or firm. A receiver may be empowered to resolve customer claims in which case a reparations case cannot be brought against the person or firm in receivership.
Insolvency initiated by a creditor who has a Floating Charge (qv).
The general term applied when a person is a appointed as a receiver or administrative receiver over certain assets.
Legal or equitable proceeding in which a receiver is appointed for an insolvent corporation, partnership or individual. (Source: Black's Law Dictionary, Fifth Edition)
The legal condition a company is placed in when an official receiver is appointed to investigate and manage its affairs.
The process under which an insolvency practitioner is appointed receiver by a debenture holder to realise the company?s assets on its behalf. This process has become less common since September 2003 when the Enterprise Act 2002 came into force.
A form of bankruptcy in which a court-appointed person (receiver) manages the affairs of the business.
the appointment of a licensed insolvency practitioner to take over the running of a company. The receiver is appointed by a creditor with a secured debt and the job of the receiver is to recover the debt either by taking the security and selling it or by running the business until the debt is paid off.
After a company has defaulted, the appointment of a licensed insolvency practitioner to realise the value of the assets to repay outstanding debts.
The legal situation of an insolvent business for which a receiver has been appointed to manage the wind-up of business affairs and liquidation of an insolvent business entity.
an enterprise whose operations have been put in the hands of a receiver, usually a major creditor because it is unable to meet its financial obligations. Page 65
The condition of a company that has had a receiver appointed to control it.
Under Part III of the Insolvency Act 1986, a receiver is appointed by a lender with a charge or mortgage over the company's assets (usually the bank) who, in consequence, of failure to receive payment, wishes the receiver to sell the assets to produce funds to repay the debt.
A type of bankruptcy a company enters when a receiver is appointed by bankruptcy courts or creditors to run the company.