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A short-term debt security issued by a receiver (or party appointed by secured creditors in a bankruptcy) to finance his activities during bankruptcy proceedings. Despite the fact that they involve bankruptcy, receiver's certificates are low risk because they are secured by the same assets to which the secured creditors hold liens.
The short-term debt that is issued by the receiver of a firm in bankruptcy proceedings. Receivers' certificates are of high quality because they have first claim on the bankrupt firm's assets.