receivership
/rɪˈsiːvərʃɪp/
noun
- A legal process in which a court appoints a person (a receiver) to manage the property or business of a company or person that is in financial trouble, usually to pay off debts.
- The judge ordered receivership to protect the company's remaining value.
- During receivership, the receiver sold off assets to repay the creditors.
- The company went into receivership after failing to pay its loans.
- The state or condition of being managed by a receiver.
- The business has been in receivership for six months now.
- The hotel was placed under receivership after its owner declared bankruptcy.
- Many employees lost their jobs when the firm entered receivership.
Synonyms