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In law, receivership is a situation in which an institution or enterprise is held by a receiver – a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights" – especially in cases where a company cannot meet its financial obligations and is said to be insolvent. [1]
A receivership can occur during bankruptcy, or it can be established prior to bankruptcy to try to help the company avoid bankruptcy. What Is an Order of Receivership?
A receivership is when an external administrator known as a "receiver" (usually a "receiver and manager" if it requires controlling the company) is appointed by a secured creditor to sell off a company's assets in order to repay the secured debt, or by the court to protect the company's assets or carry out other tasks. [1]
A Texas two-step bankruptcy is a two-step bankruptcy strategy under US bankruptcy law in which a solvent parent company spins off liabilities into a new company, and then has that new company declare bankruptcy. [1]
What does receivership mean for Providence Place mall? In a receivership, the court appoints an independent “receiver” or trustee to oversee a troubled company’s business and is given great ...
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. [1]
The north Charlotte mall went into receivership in May 2021 after failing to pay its debts. Spinoso Real Estate Group of Syracuse, N.Y., which maintains and operates the mall, ...
The office of official receiver was established by the Bankruptcy Act 1883 (46 & 47 Vict. c. 52). Their role was originally confined to personal bankruptcy , but it was extended to companies in compulsory liquidation by the Companies (Winding Up) Act 1890 ( 53 & 54 Vict. c. 63).