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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Receivership


Synonyms:bankruptcy, chapter eleven, chapter xi, declaring bankruptcy, default, insolvency
Filed Under: financial-banking, investments, legal-contracts, mortgages
Tags: banking, contract, investment, legal, mortgage
 

Definition of receivership

receivership
1. 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:

  • bankruptcy (BK)   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.
  • bankruptcy trustee   A private individual or corporation appointed to undertake bankruptcy proceedings for a individual or corporation.
  • business bankruptcy   A bankruptcy case in which the debtor is a business or an individual involved in business and the debts are for business purposes.
  • consumer bankruptcy   A bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts.
  • illiquid asset   An asset that cannot be sold easily or in a timely manner for its full value.
  • liquid assets   Cash and other property that can be converted quickly and easily into cash.
  • liquidation   To convert into cash.
  • non-dischargeable debt   Debt that cannot be eliminated in bankruptcy such as Federal taxes.
  • solvency   To be able to meet one's financial liabilities in the short or long term.
  • tax sale   A government sale of property to recover unpaid taxes.

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