receivership
- The role or duty performed by a legally appointed individual or entity, known as a receiver, who manages the assets and operations of a party
- A legal process where a receiver is officially designated to handle the property or income of an individual or corporation
- The condition where one's property or assets are placed under the control and management of a court-appointed receiver
- Because of the company's significant debt, it was put into receivership to manage its assets more effectively.
- After being in receivership for a year, the business started showing signs of recovery.
- The court assessed the situation and decided receivership was the best option for dealing with the bankrupt party's assets.
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