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What does receivership mean?

Looking for the meaning or definition of the word receivership? Here's what it means.

Noun
  1. (law) The office and duties of a receiver.
  2. (law) The state of being under the control of a receiver.
  3. (law, business) A form trusteeship of bankruptcy administration in which a receiver is appointed to run the company for the benefit of the creditors.
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Examples
The firm will likely be placed under court receivership, which would install trustees and freeze all company assets.
They want to know that the company that they deal with today will not go into receivership tomorrow.
It will amend the Companies Act to make redundancy payments a preferential claim when a company goes into liquidation or receivership.
When a company goes into receivership, a receiver is appointed to try to keep the company running.
Detroit Aircraft's frantic efforts to regain stability were unavailing and, in October, the corporation floundered into receivership.
The group went into receivership on 27 August and Mr Wright was made redundant on that date.

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