receiver (redirected from receive)

Receiver

A person appointed by a bankruptcy court or secured creditor to run a company for a short period of time in a manner that will ensure as much debt is paid back to creditors as possible.

Notes:

The main purpose of a receiver is to use a company's assets in a way that will most effectively pay back creditors. Depending on where a receiver is appointed, there are numerous restrictions on how he or she runs a business. For instance, in many jurisdictions a receiver can run a company only for 14 days. In turn, a receiver's main function is often simply to liquidate all available assets. When a receiver is appointed, the company is said to be "in receivership."

See also: Bankruptcy, Bankruptcy Risk, Chapter 11, Creditor, Debt, Discharge in Bankruptcy, Receivership, Senior Security

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Receiver

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

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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.