Is a company: no
Is a proper noun: no
- chapter eleven
- chapter xi
- declaring bankruptcy
Definition of Receivership
- A situation where an individual is appointed custodial control of an institution or enterprise and is given discretion to find the best way to recoup unpaid loans to creditors. Oftentimes the entity placed into receivership is forced to completely liquidate their assets in order to meet their financial obligations. The receiver (the one put in charge of the company in receivership) can be appointed privately, appointed by a government regulator in pursuant to a statute, or appointed by a court of law.
Related Terms and Acronyms
- Liquid Assets — Bank,
- Cash and other property that can be converted quickly and easily into cash.
- Solvency — Bank,
- To be able to meet one's financial liabilities in the short or long term.
- Illiquid Asset — Bank,
- An asset that cannot be sold easily or in a timely manner for its full value.
- Liquidation — Bank,
- To settle the outstanding debts by selling property.
- To convert into cash.
- The practice of selling or redistributing some or all of a business's assets in order to repay debts or pay investors if the business becomes insolvent or is sold in full or in part.
- Tax Sale — Definition,
- A government sale of property to recover unpaid taxes.
- Consumer Bankruptcy — Bank,
- A bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts.
- Bankruptcy (BK) — Bank, Important,
- A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
- Non-dischargeable Debt — Bank,
- Debt that cannot be eliminated in bankruptcy such as Federal taxes.
- Bankruptcy Trustee — Bank,
- A private individual or corporation appointed to undertake bankruptcy proceedings for a individual or corporation.
- Business Bankruptcy — Bank,
- A bankruptcy case in which the debtor is a business or an individual involved in business and the debts are for business purposes.
- Liquidity — Bank,
- The ability to convert assets to cash quickly, without significant losses.