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 ?
class="MsoNormalHe was also confident that the judge would be convinced to instead issue a receiving order, which requires the Official Receiver to aid in barring any recovery by creditors without declaring an individual bankrupt.
The Official Receiver said he will continue to monitor the number of staff required to safely manage the site in a closure situation, adding that numbers will decline as the closure plan progresses.
"We will also continue to provide the Official Receiver with the funds and support necessary to manage this situation in a safe and orderly way."
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.
An official, called the Official Receiver, takes control of your money and property.
Iqbel Gharbi, official receiver at the Zitouna Radio board of directors.
THE Official Receiver - for many businesspeople it must be a name to make you shudder.
Failure to pay could have led to the club's affairs being handed over to the official receiver with assets sold off to foot the bill.
Swash's agent has said: "There was a tax issue for which the final payment is imminent and once made discussions will be held with the Official Receiver to seek to reverse the bankruptcy order.
As the downturn still hangs over Hong Kong, the number of bankruptcy petitions and orders surged 69.9% and 71.7% by May 2009, the Official Receiver's Office said on Thursday.
TWENTY racehorses belonging to former owner/breeder Israrr Mian, who had a restraining order placed on his bloodstock interests while HM Revenue & Customs conducted an investigation into a possible pounds 2 million VAT fraud, have been handed over to the Official Receiver, writes David Milnes.
A winding-up order will be made on April 2, when an official receiver will be appointed.