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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
Detroit Aircraft's frantic efforts to regain stability were unavailing and, in October, the corporation floundered into receivership.
The firm will likely be placed under court receivership, which would install trustees and freeze all company assets.
When a company goes into receivership, a receiver is appointed to try to keep the company running.
This meant that even if the company went into receivership, the trademark would still belong to the family.
The group went into receivership on 27 August and Mr Wright was made redundant on that date.
The club was placed into administrative receivership after a day of feverish activity at Kenilworth Road.

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