WordValenoun
receivership
court-appointed management of a company in financial trouble
In more detail
1. (noun) a legal situation in which a court appoints a receiver to manage a company or property, usually because the owner cannot pay debts or handle it properly
2. (noun) the state of being managed by a receiver appointed by a court
Examples
- 1. The struggling airline went into receivership after years of financial losses.
- 2. The property remained in receivership for two years before being sold at auction.
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