Receivership

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Receivership

In corporate bankruptcy, a situation in which a court or regulator appoints a custodian to administer all assets and debts. This custodian is known as a receiver; his/her 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.

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 for national banks. In any federally-chartered savings and loan or bank, the FDIC must be appointed receiver.
References in periodicals archive ?
The stated objectives and purposes of conservation versus rehabilitation in the NAIC receivership model act and other state statutes are basically the same--run the business, eliminate the problems and restore the company to the marketplace.
described Frank's view, receiverships had become "a vehicle by
MBA suggests that FHFA revise the proposal to include as much specificity as possible, such as identifying how the FHFA will deal with each specific class if the firms are put into receivership," said MBA.
11 case and sales under [section] 363(b) of the bankruptcy code, receiverships strictly adhere to creditor priorities.
Both Arnolds said they expect the receivership system to result in significant savings for condo associations.
The manager's time may be spent dealing with emergency issues for the first week or two, says Bill Hoffman, President, Trigild, which provides receivership, management and disposition services for lenders with distressed properties.
Mr Hughes is a council member of the Non-Administrative Receivers Association (NARA), which comprises specialists in fixed charge receiverships.
GAO was asked to identify the circumstances that led to receiverships, any differences in the way they operate and in their results, and the factors that have influenced the termination of receiverships.
The group also will actively participate, both legislatively and through the development of case law affecting and relating to receiverships.
The low level of receiverships confirms Scotland's economy is relatively buoyant.
Income from receiverships (liquidating dividends and payments on claims) to the extent such funds are not required by REFCO or the Financing Corporation (FICO).