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 ?
The Official Receiver, Mr Gordon points out, has no involvement in a case before the County Court judgement so there is no assistance given to the process of people going into bankruptcy or liquidation.
Greg Clark said: It is important we quickly get the full picture of the events which caused Carillion to enter liquidation, which is why I have asked the Insolvency Service to fast-track and broaden the scope of the Official Receivers investigation.
The disqualifications are due to the Official Receiver being unable to determine the purpose of various receipts into and payments out of ALGs bank account.
Martyn Rawbone, Deputy Official Receiver, said This is a serious case in which the bankrupts misconduct continued even after he had been made aware of his obligations.
In his very limited contact with the Official Receiver Mr Hamilton has suggested that IREs monies were being held by a connected company in Dubai, but he has failed to provide any information or company records to support his version of events, or to cooperate in any way with the Official Receiver or the liquidator.
The Official Receivers involvement commenced with the winding up of the company in the public interest, after the affairs of the company were investigated by Company Investigations.