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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]
acting as interim receiver or provisional liquidator: At any time after a petition for an insolvency order under section 122 of the Insolvency Act 1986 (c. 45) has been presented, the court may appoint the OR as interim receiver (for an individual) or as provisional liquidator (for a company). This is to protect a debtor's property, or take ...
In voluntary administrative receivership, the administrator is appointed by the company directors. In involuntary administrative receivership, the administrator is appointed by a judicial court. The legal terms for these processes vary from country to country, and the processes may overlap.
Should a receiver be appointed by the court, the individual would have oversight of the finances and bank accounts of Mott's various businesses, including Monroe's Restaurant in Pittsford and ...
Belongings of the Erie Rise Leadership Charter School were in disarray when the court-appointed receiver for the school took photos of the files on June 11 and 12, according to a report he ...
Wachter said Gleason, Krieger's financial advisory firm, has members who regularly serve as court-appointed receivers. Wachter said the district became acquainted with the Gleason firm through its ...
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]
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