Receivership

What does it mean?
A type of bankruptcy a company enters when a receiver is appointed by bankruptcy courts or creditors to run the company.

In Other Words...
The responsibility of the receiver is to recoup as much of the unpaid loans as possible.

Being in receivership is not an enviable situation for a company. Often receivers find that the best way to pay back loans is to liquidate the company's assets, which would effectively put it out of business.

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Related Terms
Bankruptcy | Bankruptcy Risk | Debt | Discharge in Bankruptcy | Receiver

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