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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 bankruptcy is ordered by a court, while an order of receivership may come from a creditor or it can be filed by the company as a way to manage their debts and avoid bankruptcy. Can a bankruptcy ...
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]
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).
This is a list of abbreviations used in law and legal documents. It is common practice in legal documents to cite other publications by using standard abbreviations for the title of each source. Abbreviations may also be found for common words or legal phrases.
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In the United States, a general assignment or an assignment for the benefit of creditors is simply a contract whereby the insolvent entity ("assignor") transfers legal and equitable title, as well as custody and control of its property, to a third party ("assignee") in trust, to apply the proceeds of sale to the assignor's creditors in accord with priorities established by law.