receiver

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Receiver

A bankruptcy practitioner appointed by secured creditors to oversee the repayment of debts.

Receiver

In corporate bankruptcy, a person or entity whom a court or regulator appoints as custodian to administer all assets and debts. The receiver's main duty is to pay off as many debts as possible as cheaply as possible. One obvious way to do this is to liquidate the company, but this is not always done. The receiver may restructure the company to put it on a path toward solvency. Some jurisdictions have a very short period during which a receiver may operate, sometimes as brief as two weeks. When a receiver has only this long, he/she usually liquidates the company.

When a receiver is appointed, the company is said to be in receivership. In the United States, different financial regulators have the authority to decide whether receiverships are necessary. The Office of Thrift Supervision may do this for savings and loans; the Office of the Comptroller of the Currency may do it for national banks. In any federally-chartered savings and loan or bank, the FDIC must be appointed receiver.

receiver

A person assigned by a court to handle affairs and assets of a business in bankruptcy proceedings. The receiver is charged with overseeing the firm for the benefit of its creditors and stockholders.

receiver

see INSOLVENCY, LIQUIDATION.
References in periodicals archive ?
Official receiver for North Wales and Cheshire Graham Kendall, of the Insolvency Service Picture: STUART BOGG
An Insolvency Service spokesperson said it was too early to know the cost but added: "The official receiver is now drawing up a plan to safely manage the closure.
In the last seven years alone, the Official Receiver has received a staggering 71 per cent of the total number of voluntary liquidations recorded since the establishment of the department.
The Official Receiver will try and pay off as much of the pub's debts as possible by selling any assets and then closing the business, officially registered as Pig & Whistle (Liverpool) Ltd.
But the official receiver has struggled to sell the land and development due to the huge financial commitment, leaving the prospect of the site remaining derelict for years.
If you have not been contacted by the Official Receiver, then you should write to The Insolvency Service.
Mr Greene, 47, was officially declared bankrupt last month and friends were shocked to learn that the Official Receiver had taken possession of outstanding bills for almost pounds 750,000.
Ben-Shahar also was an Official Receiver in Israel's Ministry of Justice and served as an officer in the Israeli Army.
Since Redcar steelworks operator SSI UK went into liquidation, the Official Receiver allowed batches of coal to be bought to keep the coke ovens operating.
This disqualification follows investigation by the Official Receiver at Public Interest Unit, a specialist team of the Insolvency Service, whose involvement commenced with the winding up of Cromwell, in the public interest following an investigation by Company Investigations into the affairs of the company.
Employees of Aqua Sol and MarisMare have decided to give the official receiver and management until the end of the week before resuming drastic measures, an announcement said on Tuesday.