receivership

receivership definition - business

receivership

The state of an organization whose operations and assets have been placed in the legal custody of a receiver for the protection of creditors and other affected parties. An organization in receivership may be liquidated, or it may eventually emerge to continue operations, although likely in a different form. See also bankruptcy.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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