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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]
The Court of Appeal dismissed the receivers' appeal and held that the duty of care in equity was breached. Scott VC, drawing upon jurisprudence established in such prior cases as Cuckmere Brick Co v Mutual Finance and Downsview Nominees Ltd v First City Corporation Ltd, summarised the law as follows.
Under traditional Chinese law a fence, or receiver, (銷贓者), was a merchant who bought and sold stolen goods. Fences were part of the extensive network of accomplices in the criminal underground of Ming and Qing China.
Section 97 - Receivers of property, where the original offence is punishable on summary conviction Section 98 - Principals in the second degree and accessories The words "except only a receiver of stolen property" were repealed by section 48(1) of, and the Schedule to, the Larceny Act 1916 .
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 ...
Constructive possession [1] is a legal fiction to describe a situation in which an individual has actual control over chattels or real property without actually having physical control of the same assets. At law, a person with constructive possession stands in the same legal position as someone with actual possession.
Over the millennia and across cultures, notions regarding what constitutes "property" and how it is treated culturally have varied widely. Ownership is the basis for many other concepts that form the foundations of ancient and modern societies such as money, trade, debt, bankruptcy, the criminality of theft, and private vs. public property.
The right of possession is a right of a person who currently holds property in hand or under their control to retain such possession, or alternatively for another person who claims superior title or right to possession of the property. There is a legal dictum in law that “possession is nine-tenths of the law”, meaning that a person in ...