Receivership - Law Dictionary Search Results
Home Dictionary Name: receivershipreceivership
receivership 1 : the office or function of a receiver 2 : a proceeding in which a receiver is appointed 3 : the state of being in the hands of a receiver compare bankruptcy ...
bankruptcy
bankruptcy pl: -cies 1 : the quality or state of a bankrupt [filed for ] 2 : the administration of an insolvent debtor's property by the court for the benefit of the debtor's creditors [the debt was discharged in ] [ proceedings] see also adequate protection Bankruptcy Code in the Important Laws section compare insolvency, receivership NOTE: Bankruptcy protects the debtor from debt collection by creditors. A debtor may file for bankruptcy, which is called “voluntary bankruptcy,” or a creditor may petition the court to declare the debtor bankrupt, which is called “involuntary bankruptcy.” Involuntary bankruptcy is allowed only under chapter 7 or chapter 11 of the U.S. Bankruptcy Code. There are four types of relief available to individuals or corporations under the Bankruptcy Code: liquidation (chapter 7), reorganization (chapter 11), debt adjustment for a family farmer (chapter 12), and debt adjustment for an individual with a regular income (chapter 13). M...
wind up
wind up wound up wind·ing up : to bring to an end by taking care of unfinished business [ordered to wind up his practice] ;specif : to conclude by removing liabilities and distributing any remaining assets to partners or shareholders [wind up the business and affairs of a corporation in dissolution] [wind up a receivership] ...
Receivership
The state or office of a receiver...
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